Solana
Increased Solana trading volume has THIS impact on SOL prices
- Solana’s popularity remained high as investors actively traded SOL.
- Some measurements and market indicators suggest an increase in prices.
Solana [SOL] has seen a lot of success in the recent past, as several investors delisted SOL to purchase other tokens from the Solana ecosystem. While activity around SOL has remained high, its price action has turned bearish over the past 24 hours.
Let’s take a closer look at what’s happening.
Solana trading volume increases
The latest from Lookonchain tweets revealed that an insider used just $1.2k worth of SOL to purchase 190.2 million HULK, representing 19% of the latter’s total supply.
Shortly after, the insider sold the recently accumulated HULK for 5,760.7 SOL, which was worth $979,000.
Another whale withdrew 8,943 SOL, worth $1.54 million, from Binance to purchase 8.6 million MOTHER at $0.1789. Thanks to all these transactions, SOL’s trading volume remained high throughout last week.
In the last 24 hours alone, SOL’s tracking volume remained at over $2 billion.
Meanwhile, SOL managed to increase its price by almost 3% over the past seven days. But the trend has changed in the last 24 hours, with the token’s value falling by more than 1%.
According to CoinMarketCapAt the time of writing, Solana was trading at $171.88 with a market cap of over $79 billion.
Will SOL remain bearish?
To see if SOL would continue to remain bearish, AMBCrypto then analyzed its on-chain data. We found that SOL’s weighted sentiment remained in the negative zone. This meant that bearish sentiment around the token was dominant in the market.
Its financing rate has increased significantly in recent days. Nonetheless, its social volume was high, reflecting its popularity in the crypto space.
Source: Santiment
AMBCrypto’s review of Coinglass data revealed a bullish metric. We have seen that SOL’s long/short ratio has increased sharply over the past four hours.
To begin with, a high long/short ratio suggests that there are more buyers than sellers in the market, which can be seen as a bullish signal for the token.
Source: Coinglass
Our analysis of Solana’s daily chart also revealed some bullish indicators. For example, the Money Flow Index (MFI) has recorded a sharp rise over the past few days.
Read Solana (SOL) Price Prediction 2024-25
Additionally, its Relative Strength Index (RSI) also followed a similar trend and increased. These suggested that the chances of the price of SOL rising were high.
Nonetheless, the Chaikin Money Flow (CMF) remained bearish as it continued to trade below the neutral 0 mark.
Source: TradingView
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