Connect with us
Active Currencies 14728
Market Cap $2,622,380,475,725.82
Bitcoin Share 51.35%
24h Market Cap Change $2.10

Solana surges by 5% in 24 hours: What’s next – rally or slump?

2min Read

Despite a 5% price rise, Solana’s price might plummet to $76. 

Solana surges by 5% in 24 hours: What's next - rally or slump?

Share this article

  • SOL was up by more than 5% in the last 24 hours. 
  • Most market indicators remained bullish on the token. 

Solana [SOL] has fared well against the current bearish market, as its price rose by more than 5% in the last 24 hours, according to CoinMarketCap. Though this was a bullish sign, the token might witness a downfall, and here’s why.

Solana is pumping!

The ETF approval did hurt most cryptos’ prices, as their price charts turned red. However, Solana acted differently as it began a bull run.

At the time of writing, SOL was trading at $96.88 with a market capitalization of more than $41.8 billion, making it the fifth-largest crypto.

Since the crypto’s price increased, AMBCrypto planned to check its social metrics. Despite the price rise, SOL’s Social Dominance dropped last week, meaning that its popularity sank.

Its Weighted Sentiment also remained low, which meant that bearish sentiment around the token was dominant in the market.

Source: Santiment

Solana’s price to plummet further?

As per the latest dataset, SOL’s price was in a pattern that suggested SOL’s price might plummet. Crypto Tony, a popular crypto analyst, recently posted a tweet highlighting the scenario.

As per the tweet, Solana’s price might fall to $76, which might turn out to be a great opportunity for investors to accumulate more SOL.

Therefore, AMBCrypto checked SOL’s metrics to understand whether the possibility of SOL falling to $76 was viable. As per our analysis, the chances of SOL plummeting to the aforementioned level looked low as its Binance Funding Rate remained high.

This meant that derivatives investors were buying SOL at its higher price during press time. Additionally, SOL’s Open Internet increased alongside its price, hinting at a continuation of the current trend.

Source: Santiment

Realistic or not, here’s SOL market cap in BTC’s terms

To better understand what to expect from Solana, AMBCrypto checked SOL’s daily chart. Notably, SOL’s Money Flow Index (MFI) and Relative Strength Index (RSI) registered slight upticks, which suggested a potential price uptick.

However, the rest of the metrics were not so positive. Solana’s MACD displayed a clear bearish crossover. Its Chaikin Money Flow (CMF) took a southward path as well, indicating an end to the token’s bull rally soon.

Source: TradingView


Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.