Solana

Read

WazirX

Solana has been moving strong after the market-wide bearish momentum on Aug. 5. The fifth-largest cryptocurrency entered the $150 zone again. 
Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">SOL</a>) is up 12% in the past 24 hours and is trading at $154 at the time of writing. The asset’s market cap is sitting at $71.8 billion with a daily trading volume of $5.5 billion.&nbsp; 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14289978"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/Solana-SOL-14.41.02-07-Aug-2024.png.webp"> 
 <img loading="lazy" decoding="async" width="3840" height="1300" src="https://crypto.news/app/uploads/2024/08/Solana-SOL-14.41.02-07-Aug-2024.png" alt="Solana enters the $150 zone while traders bet on price fall - 19"> 
 </picture> 
 <figcaption class="wp-element-caption">
 SOL price, open interest, funding rate and social volume – Aug. 7 | Source: <a href="https://app.santiment.net/charts/HWgaFQIz__sCl" target="_blank" rel="">Santiment</a>
 </figcaption>
</figure> 
So far, SOL has registered a 40% price rally from its local <a href="https://crypto.news/solana-takes-sharp-7-dive-bitcoin-ethereum-bnb-drop/" target="_blank" rel="noreferrer noopener">bottom</a> of $110 on Aug. 5 and strengthened its position after <a href="https://crypto.news/solana-retests-140-amid-25-rebound-can-bulls-recover/" target="_blank" rel="noreferrer noopener">retesting</a> the $140 mark.&nbsp; 
The asset’s price surge comes as discussions about <a href="https://crypto.news/tag/solana/" target="_blank" rel="noreferrer noopener">Solana</a> heat up. According to data provided by Santiment, the social volume around SOL increased by 30% over the past two days, making it the top trending token on social media platforms. 
Data shows that the majority of the social volume comes from X and Telegram. 
 You might also like: <a href="https://crypto.news/bitcoin-holding-close-to-57k-9-8m-holders-still-at-loss/"> Bitcoin holding close to $57k, 9.8m holders still at loss </a> 
Per data from the market intelligence platform, the total open interest in Solana increased by 18% over the past 24 hours — rising from $1.44 billion to $1.69 billion. This shows increased trader interest in Solana as the price rebounds. 
Data shows that the total funding rate aggregated by SOL plunged into the negative zone again — dropping from 0.0007% to negative 0.002% over the past 24 hours. This shows that the number of trades betting on Solana’s price fall is slightly dominating long positions. 
Historically, Solana witnessed a quick rebound after its funding rates dropped below zero. 
According to crypto.news data, the Solana Relative Strength Index is currently hovering at the 65 mark. The indicator shows that SOL is slightly overbought at this price point. 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14289979"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/SOLUSDT_2024-08-07_13-59-32.png.webp"> 
 <img loading="lazy" decoding="async" width="1162" height="681" src="https://crypto.news/app/uploads/2024/08/SOLUSDT_2024-08-07_13-59-32.png" alt="Solana enters the $150 zone while traders bet on price fall - 20"> 
 </picture> 
 <figcaption class="wp-element-caption">
 SOL price and RSI – Aug. 7 | Source: <a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">crypto.news</a>
 </figcaption>
</figure> 
Solana is currently vulnerable to high price volatility due to its increased open interest, which could ultimately trigger liquidations, and heightened RSI.&nbsp; 
It’s important to note that macroeconomic and political <a href="https://crypto.news/bitcoin-spirals-below-55k-for-first-time-july-13/" target="_blank" rel="noreferrer noopener">events</a> could have a sudden impact on financial <a href="https://crypto.news/markets/" target="_blank" rel="noreferrer noopener">markets</a>, including cryptocurrencies, despite bullish technical indicators. 
 Read more: <a href="https://crypto.news/coindcx-launches-6m-customer-protection-fund-following-wazirx-hack/"> CoinDCX launches $6m customer protection fund following WazirX hack </a>

Solana enters the $150 zone while traders bet on price fall

crypto.news

Other articles published on Aug 7, 2024

BlackRock Issues Urgent Warning Over Rising Crypto Scams Targeting ETF Investors

BlackRock Issues Urgent Warning Over Rising Crypto Scams Targeting ETF Investors

Market Activity Increased After the Ruling in the Ripple-SEC Case! Here are the Latest Data and U...

Cryptocurrency Internet Computer Decreases More Than 7% Within 24 hours

Can Pepe Coin Bulls Overcome Key Resistance?

Bank of Japan Stops Interest Hikes Amid Ongoing Market Volatility

Join our free newsletter for daily crypto updates!