- Solana’s derivatives metrics remained bullish while its price surged.
- SOL rose by 60% over the last week.
Solana [SOL] has performed remarkably well, becoming the top altcoin, only second to Ethereum [ETH]. This can be attributed to the token’s bullish performance on the price front in the recent past.
Alongside this, SOL also maintained its streak of bullishness, as it broke past another barrier.
A look at Solana’s astonishing performance
Solana’s latest bull rally allowed the token to earn its spot just under Ethereum in terms of market capitalization. SOL achieved this by overtaking the formerly top coins, which were Ripple [XRP] and BNB Chain [BNB].
According to CoinMarketCap, SOL was up by more than 60% in just the last seven days. At the time of writing, it was trading at $113.06 with a market cap of over $48 billion.
Caleb Franzen, a popular crypto analyst, recently posted a tweet highlighting SOL’s remarkable performance.
Solana $SOL keeps doing bull market thing.
Base, breakout, rinse & repeat. pic.twitter.com/oYWQXVcyz9
— Caleb Franzen (@CalebFranzen) December 23, 2023
As per the tweet, SOL’s price action has remained bullish as it crossed several barriers of consistency in the recent past, allowing it to reach new highs.
Therefore, AMBCrypto planned to take a look at SOL’s metrics to see what supported the token’s bullish price movement.
As per our analysis, Solana’s Price Volatility 1w spiked sharply, thanks to its price action. Things in the derivatives market also remained bullish, as evident by its green Binance Funding Rate.
SOL’s Open Interest also increased, alongside its price. An increase in this metric means an increased chance that the current price trend will continue further.
Source: Santiment
Not only metrics, but market sentiment around Solana also remained positive. Its Social Volume spiked in the last few weeks, reflecting its popularity.
Bullish sentiment around the token remained high, as shown by its increased Weighted Sentiment.
Source: Santiment
Will Solana maintain its winning streak?
Since Solana exhibited extraordinary performance, AMBCrypto checked SOL’s daily chart to understand whether this trend would continue further. Our analysis revealed that SOL’s MACD displayed a clear bullish upper hand in the market.
Read Solana’s [SOL] Price Prediction 2023-24
Its Chaikin Money Flow (CMF) also went up sharply, increasing the possibility of a continued uptrend. However, SOL’s Money Flow Index (MFI) was just about to enter the overbought zone at the time of writing.
If this comes to pass, selling pressure on the token might increase, which can cause a trend reversal.
Source: TradingView
