Here’s Why Solana’s Price Is Leading The Crypto Market Rise

Solana Price News: Solana price It has surged 40% in the last 24 hours as the crypto market has registered a significant recovery. The 24-hour trading volume he increased by 195% to reach $2.76 billion.

The prices of the biggest cryptocurrencies such as Bitcoin (BTC) and Ethereum have risen by 10% in the past day.

🤯 While traders are celebrating their comeback, #bitcoin (over $21,000) and #ethereum (which set us back over $1,550), #solana A real star as the weekend begins. +22% up in the last 2 hours alone, $SOL Backed by liquidated shorts. https://t.co/ibrLUL8beD pic.twitter.com/58AfM44qPu

— Santiment (@santimentfeed) January 14, 2023

Blockchain intelligence firm Santiment has reported that Solana’s price has recorded more than 22% of the previous day’s 24-hour rise in just two hours. The tweet went on to say that many short positions had been liquidated, giving SOL a boost.

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Solana price increased by 40%

Solana is priced at $23.66 at the time of writing, with a market cap of $12.6 billion and a 167% increase in 24-hour trading volume. Currently, it has reached $2.5 billion. At the same time, the circulating supply is around 370,622,178 SOL, according to crypto market tracker CoinMarketCap.

by FTX Crisis, the SOL course seems to be greatly underrated at the moment. Solana is generally considered a highly volatile cryptocurrency. For example, the network was occasionally overvalued in 2021. Now the price doesn’t seem to match what Solana has to offer in terms of potential.

Binance Funding Rate

A chart from Santiment included in today’s tweet shows that Binance traders have been leaning toward shorting over the past few months. The price of SOL was able to recover from the bottom that hit $8 about two weeks ago. The tweet claims the bounce was supported by liquidated short positions.

Solana price daily chart

SOL price is currently trading above both the 20-day and 9-day EMA lines. Moreover, the 9-day EMA line, which is positioned more bullish than the longer 20-day EMA line, supports the price of the asset.

Disclaimer: This is not investment advice. Exercise extreme caution before investing in any asset.

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