Solana Price News: solarium price is up 40% in the last 24 hours as crypto market records a broad recovery. Its 24-hour trading volume has increased by 195% to $2.76 billion.
The prices of the largest cryptocurrencies such as Bitcoin (BTC) and Ethereum increased by 10% over the past day. However, the cumulative recaptured the crucial $1 trillion mark.
๐คฏ As merchants celebrate the resurgence of #Bitcoin (over $21k) and #ethereal (over $1,550), #Solarium is the real star when the weekend begins. Up to +22% only in the last 2 hours, $ SUN it has been fueled by liquidated shorts. https://t.co/ibrLUL8beD pic.twitter.com/58AfM44qPu
โ Santimento (@santimentfeed) January 14, 2023
Blockchain intelligence firm Santiment reported that the Solana price printed more than 22% of its 24-hour gains from the previous day in just 2 hours. The tweet went on to say that many short positions were liquidated, giving SOL a boost.
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Solana price increased by 40%
Solana's price at the time of writing is $23.66, with a market cap of $12.6 billion and 24-hour trading volume up 167%. It now sits at $2.5B. At the same time, the circulating supply is about 370,622,178 SOL according to crypto market tracker CoinMarketCap.
Due to the FTX crisis, the SOL course seems to be significantly underrated at the moment. Solana is generally considered a highly volatile cryptocurrency. For example, the network was occasionally overpriced in 2021. Pricing currently doesn't appear to be in line with what Solana has to offer in terms of potential.
Binance Funding Rate
The chart that Santiment included in today's tweet demonstrates that traders on Binance have shown a bias towards short selling in recent months. The SOL price was able to recover from the bottom, reaching $8 about two weeks ago. The tweet claims that the bounce was supported by liquidated short positions.
Solana daily price chart
The SOL price is currently trading above the 20-day and 9-day EMA lines. Furthermore, the 9-day EMA, which is positioned bullishly above the longer 20-day EMA, supports the asset price.
Disclaimer: This is not investment advice. Please do your due diligence before investing in any asset.
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The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrency. The author or publication has no responsibility for your personal financial loss.
