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Home»Altcoins»Here’s Why Solana Price Is Leading Crypto Market Rally
Altcoins

Here’s Why Solana Price Is Leading Crypto Market Rally

2023-01-14No Comments3 Mins Read
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Solana Price News: Solana’s price has risen by 40% in the last 24 hours as the crypto market registers a broad recovery. Its 24 hour trading volume is up by 195% to stand at $2.76 billion.

The largest cryptocurrencies like Bitcoin (BTC) and Ethereum prices surged by 10% over the past day. However, the cumulative went on regain the crucial $1 trillion mark.

🤯 While traders are celebrating the resurgence of #Bitcoin (back over $21k) and #Ethereum (back over $1,550), #Solana is the real star as the weekend is kicking off. Up +22% in the past 2 hours alone, $SOL has been fueled by liquidated shorts. https://t.co/ibrLUL8beD pic.twitter.com/58AfM44qPu

— Santiment (@santimentfeed) January 14, 2023

The blockchain intelligence firm Santiment reported that the Solana price printed more than 22% of its 24-hour gains over the previous day in just 2 hours. The tweet continued by saying that a lot of short positions were liquidated, which gave SOL a boost.

Also Read: Initial Game Offering: A beginner’s Guide On Launching An IGO

Solana’s Price Increased by 40%

Solana’s price at the time of writing is $23.66, with a market capitalization of $ 12.6 B and a 24-hour trading volume up by 167%. Now it stands at $2.5 B. At the same time, the circulating supply is approximately 370,622,178 SOL as per the crypto market tracker CoinMarketCap.

Solana
Source: Coinmarketcap

Due to the FTX crisis, the SOL course appears to be significantly undervalued at the moment. Solana is generally regarded as a very volatile cryptocurrency. For instance, the network was occasionally overvalued in 2021. The price currently doesn’t seem to be in line with what Solana has to offer in terms of potential.

Binance funding rate

The chart Santiment included in today’s tweet demonstrates that traders on Binance have exhibited a bias toward shorting over the past few months. SOL’s price was able to recover from the bottom it reached $8 about two weeks ago. The tweet claims that the bounce was supported by the liquidated short positions.

Solana Price Daily Chart

SOL’s price is presently trading above both the 20-day and 9-day EMA lines. Additionally, the 9-day EMA line, which is bullishly positioned above the longer 20-day EMA line, is supporting the price of the asset.

Disclaimer: This is not investment advice. Please do your due diligence before investing in any asset.

Also Read: 5 Ways To Analyse IGOs Platform In 2023

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.



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Crypto Heres Leading market Price rally Solana
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