Undoubtedly establishing itself as a standout performer in the expansive altcoin market, Solana has achieved exceptional growth over the course of the past year, marking an impressive surge of nearly 300%.
This remarkable ascent underscores Solana’s resilience and appeal within the cryptocurrency landscape. The cryptocurrency has not merely kept pace but has outpaced many of its counterparts, solidifying its status as a noteworthy investment choice.
Presently exchanging hands at approximately $58, Solana exhibits an impressive display of relentless upward momentum, notably experiencing a noteworthy 40% surge in value within the last seven days alone.
Source: Coingecko
This surge not only reflects the cryptocurrency’s immediate strength but also contributes to its status as a formidable player in the digital asset arena.
Solana Price Gets Boost From Whales
As of the current moment, Solana proudly holds the prestigious position as the 7th largest cryptocurrency, fortified by a substantial market capitalization that has exceeded the impressive milestone of $24 billion.
🚨 325,222 #SOL (18,666,993 USD) transferred from unknown wallet to #Binancehttps://t.co/ECEpdMJM72
— Whale Alert (@whale_alert) November 11, 2023
Whale Alert revealed two significant Solana trades on November 12th, each worth more than $30 million. Transferring 325,222 SOL—worth more than $18.6 million—to the Binance exchange was the initial transaction.
Solana whales have been engaging in a higher volume of huge transactions lately, transferring a considerable portion of the tokens to exchanges. Given this recent behavior, is it feasible that SOL’s gains would gradually decline?
Taking long positions, traders are now witnessing a notable shift in behavior due to Solana’s highest positive funding rate of the year, reaching 0.07% on November 12.
SOL market cap reached $24.2 billion today. Chart: TradingView.com
This optimistic outlook reflects their confidence in the continued upward movement of the price.
Meanwhile, the surge in Open Interest (OI) signifies a capital influx into Solana, with traders actively opening new positions.
Coinglass’ data reveals that Solana’s OI volume has been on a consistent upward trend since the beginning of November, reaching over $760 million at the time of writing.
Source: Coinglass
Source: Notably, the last instance of SOL experiencing such a high OI volume was around May 2022. This historical context emphasizes the significance of the current surge in OI and its implications for Solana’s market dynamics.
The rate of SOL is near the resistance on the hourly chart, indicating that buyers have some degree of influence over sellers. By the end of the day, if nothing changes, the growth may go pas the $60 level.
According to the weekly chart analysis, the rate of SOL is poised to conclude within the positive zone. Currently, there is a lack of negative indicators.
In the event of the bar’s closure in proximity to the $60 range, it is plausible that an upward movement might ensue, potentially culminating in an examination of the $65 range in the near future.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Pixabay
