$6.75 Billion in Solana (SOL) in 24 Hours – Something Big Coming?

by

As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market fluctuations and trends. With Solana (SOL), the latest price action has piqued my interest, and I believe we may be on the cusp of another bullish rally.

Looking ahead, there could be another potential surge in Solana (SOL) prices over the next few days following its recent recovery. Although SOL remains within a price range where it’s consolidating, the latest price jump suggests a more prolonged upward trend might be on the horizon. Furthermore, key technical indicators are now pointing towards a bullish outlook, bolstering traders’ optimism.

As reported by CoinGlass, the trading volume for SOL has experienced a significant increase of approximately 98.87% within the past day. This substantial leap indicates a remarkable upsurge in trading activity, with the current trading volume reaching an impressive $6.75 billion. This surge suggests a robustly optimistic outlook among traders, as they exhibit growing bullishness towards the coin.

The surge in trading activity for Solana is noticeable on major cryptocurrency exchanges. For example, Binance takes the lead with a whopping $2.62 billion in daily transactions. Bybit comes next with $1.50 billion, followed by OKX at $1.09 billion and BingX at approximately $549.50 million. Bitget trails behind at around $167.83 million. Other trading platforms also see significant volumes. These statistics indicate the increasing trust in SOL as more potential growth is anticipated.

What’s happening with Solana’s price?

Currently, Solana (SOL) is being exchanged at $144.09, experiencing a slight dip of 0.74% in the last day. However, it’s essential to mention that over the past week, SOL has seen an impressive increase of 10.03%, aligning with a broader uptrend across the crypto market. Following this rally, Solana has climbed from $127.46 to a peak of $149.91, which is quite noteworthy.

After initially being rejected at the $150 resistance level, the SOL price has since adjusted to $144.09. Yet, the impressive gains made in recent days by SOL are undeniable. As trading volume escalates and investor confidence strengthens, it seems plausible that Solana will aim for its next objective, potentially overcoming this resistance level on its next attempt.

Read More

2024-09-23 16:18