- Other than SOL’s worth, the blockchain’s TVL additionally surged over the previous few days.
- Most metrics appeared bullish on SOL, however the RSI and MFI had been bearish.
The whole crypto market turned bullish of late, which allowed most cryptos to color their charts inexperienced. Whereas the market gained momentum, Solana [SOL] shocked buyers as its worth registered an unprecedented excessive.
Learn Solana’s [SOL] Worth Prediction 2023-24
This occurred on the time when the blockchain’s TVL spiked, which was encouraging to take a look at. Nonetheless, a better verify of the blockchain’s ecosystem revealed that the worth uptrend won’t final so long as many may need anticipated.
Solana is outperforming the remaining
Whereas a lot of the cryptos registered good points, SOL considerably took buyers unexpectedly as its worth skyrocketed over the previous week. In response to CoinMarketCap, SOL’s worth surged by greater than 25% within the final seven days. In actual fact, the token’s worth went up by over 14% in simply the final 24 hours.
On the time of writing, SOL was buying and selling at $24.36 with a market capitalization of over $10 billion. Because of the latest worth uptrend, Solana managed to flip Dogecoin [DOGE] and Cardano [ADA] to grow to be the seventh-largest crypto by market cap.
BREAKING: $SOL FLIPS $DOGE AND $ADA IN MARKET CAP pic.twitter.com/RXKCBQinIJ
— DEGEN NEWS 🗞️ (@DegenerateNews) September 30, 2023
The excellent news was that the worth uptick was accompanied by a greater than 100% improve in its 24-hour buying and selling quantity, which supplied help for the surge. Not solely did Solana’s worth surge, however its efficiency within the DeFi area additionally witnessed progress.
As reported earlier, SOL’s TVL additionally surged considerably over the previous few days. On the time of writing, the blockchain’s TVL stood at $1.15 billion, as per DeFiLlama.
Supply: DeFiLlama
Solana’s latest efficiency additionally helped improve optimistic sentiment across the token. This was evident from LunarCrush’s information, which identified that SOL’s social engagement surged by almost 30% over the past seven days.
Traders’ confidence in SOL was additionally excessive, as its bullish sentiment spiked final week.
Will Solana maintain the pump?
Santiment’s information revealed that SOL’s worth uptick triggered its 1-week worth volatility to spike sharply, suggesting an additional hike in its worth. Solana’s open curiosity additionally went up together with its worth. An increase within the metric typically means a continuation of the present pattern.
Moreover, SOL’s Binance funding charge additionally turned inexperienced, that means the derivatives consumers had been buying SOL at a better worth, rising the probabilities of an additional uptrend.
Supply: Santiment
How a lot are 1,10,100 SOLs value as we speak?
Although the aforementioned metrics supported the consumers, a take a look at SOL’s every day chart revealed that the situation would possibly change. Solana’s Relative Energy Index (RSI) entered the overbought zone, which may improve promoting stress on SOL.
Its Cash Circulation Index (MFI) additionally registered a downtick. Nonetheless, the Chaikin Cash Circulation (CMF) remained within the bulls’ favor.
Supply: TradingView
