What’s Next for Solana (SOL) After Daily Volume Jumps Back to $13 Billion

What’s Next for Solana (SOL) After Daily Volume Jumps Back to $13 Billion
фото показано с : beincrypto.com

2024-12-6 13:30

Solana’s (SOL) daily volume rebounded to $13 billion for the first time since November 22, suggesting heightened interaction with the cryptocurrency. This surge comes amid a slight price increase, which has seen SOL rise from $230 to $239 within a few hours.

With the altcoin’s price showing signs of stabilization and on-chain activity increasing, could Solana be positioned for a potential breakout?

Solana Sees All-Round Increase In Key Areas

According to Artemis data, the last time the Solana daily volume surpassed $13 billion was on November 22. Interestingly, that day coincided with SOL’s rally to a new all-time high. The volume shows in monetary terms how much cryptocurrency has traded over a given period.

High volume is generally considered to be a prerequisite for a significant price move. But it is not always like that. Notably, rising volume on falling prices can indicate an extended downturn. However, if volume rises alongside the price, it indicates strength to the uptrend. 

In Solana’s case, the volume increase with the altcoin’s value rising to $239 suggests that the value might continue to jump in the short term.

Solana Daily Volume. Source: Artemis

Furthermore, would this also mean that Solana’s price could reclaim its all-time high? To assess this potential, BeInCrypto looks at the Open Interest (OI).

The OI represents the total number of open positions in a contract. It increases or decreases based on net open positioning activity. While price increases alongside rising OI may suggest aggressive buying, technically, the ratio of buyers to sellers remains 50/50 since every trade requires both.

Instead, rising OI reflects market participants increasing their net exposure, indicating heightened interest in the asset. Conversely, declining OI suggests a reduction in overall positioning, implying traders are closing contracts or exiting the market.

According to Santiment, Solana’s OI has increased to $4.05 billion. Considering this position, then SOL might trade much higher than $239 in the coming days.

Solana Open Interest. Source: Santiment SOL Price Prediction: Retracement to $220 Possible

On the daily chart, SOL bulls seem to be defending the support at $226. On November 17, when bulls kept the support in check, Solana’s price rallied to $264.

Therefore, if history rhymes, it is likely that the altcoin’s value could replicate the performance. Like the data from Artemis, the chart below shows that the Solana daily volume has increased. Should this value continue to rise, then SOL could climb to $264 or higher in the short term.

Solana Daily Analysis. Source: TradingView

However, if selling pressure increases, this might not happen. In that scenario, SOL’s price could decline to $220. In a highly bearish scenario, the token could decrease to $196.

The post What’s Next for Solana (SOL) After Daily Volume Jumps Back to $13 Billion appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Sola (SOL) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 SOL / 27.153m SOL

volume billion daily solana sol jumps back

volume billion → Результатов: 126


Volume of BNB, HT, OKB Perpetual Contracts reached 1 billion USD only 1 week after launch on BaseFEX

The cryptocurrency derivative exchange BaseFEX has launched BNB, HT, OKB perpetual contracts on March 28th, last Thursday, with the support of up to 20x leverage. Over 2,500 users have already traded these new contracts in the first week alone, driving the total trading volume of the 3 altcoin contracts combined to over 1 billion USD.

2019-4-4 15:30


Kraken’s $1 Billion Futures Trading Volume Prove Crypto Demand is Very High

Kraken’s acquisition of the UK-based cryptocurrency futures provider Crypto Facilities led the platform on a high trading volume spree, according to their latest statements. Sui Chung, the head of indices and price products at Crypto Facilities, confirmed that the trading volume on their futures platform increased by 565% following Kraken’s $100 million acquisition.

2019-3-5 18:38


Despite Red Crypto Market, Popular Trading Analyst Says “Bitcoin Still Bullish” in Long Term Cycle

Bitcoin is down more than 7 percent in the past 24-hours while managing the daily trading volume of $10.8 billion. The leading cryptocurrency is currently trading at $3,783 on Bitstamp. Bitcoin price chart, Source: TradingView Just yesterday, crypto analyst MagicPoopCanon, who calls himself a “master of charts” shared that the flagship cryptocurrency will move sideways […]

2019-2-25 20:18


Crypto Market May Be Sailing In A Sea Of Red Today, But BTC Trading Volumes Are Reaching Record Highs

Coinmarketcap’s trading volume has reached a 300-day high concerning crypto volume trading, totaling $33.85 billion. The increase in treading volume seems to be due to a surge by the top 10 digital currencies, which make up over 90% of total trading volume in the crypto industry. As for the underlying cause of the surge, some […]

2019-2-24 18:50


Crypto Analyst: Below $2k Bottom, Exciting Time For Bitcoin Long-Term Investors Looking To Enter

Crypto Analyst: Below $2k Bottom, Exciting Time For Bitcoin Long-Term Investors Looking To Enter The leading cryptocurrency Bitcoin is currently at $3,626 while registering greens of 0.21 percent, at the time of writing, as per the data provided by Coinmarketcap while managing the daily trading volume of nearly $6 billion. In the past 7-days, the […]

2019-2-15 20:06