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Solana (SOL) has displayed an impressive performance, becoming the second-best altcoin following Ethereum (ETH). This can be attributed to the token’s recent price surge. Additionally, SOL has overcome another hurdle, maintaining its upward trend.
Noteworthy Rally in Solana
Solana’s latest bull rally enabled it to secure its position right below Ethereum in terms of market value. SOL achieved this by surpassing former top cryptocurrencies Ripple (XRP) and BNB Chain (BNB). According to CoinMarketCap, SOL has seen an increase of over 60% in just the last seven days. At the time of writing, it was trading at $113.06 with a market value of over $48 billion.
Caleb Franzen, a popular crypto analyst, recently highlighted SOL’s exceptional performance in a tweet. According to the tweet, SOL’s price movement has continued its upward trend by overcoming various consistency barriers, reaching new highs. Analysis indicates that Solana has shown a sharp increase following a week of high price volatility.
The Rise of SOL May Continue
The bullish trend may continue, as indicated by the high Binance funding rate in the derivatives market. SOL’s open interest has also increased along with its price. An increase in this metric suggests a higher probability of the current price trend continuing. Not only metrics, but the market sentiment towards Solana remains positive. Its social volume has increased over the past few weeks, reflecting its popularity.
As the rising weighted sentiment indicates, the bullish trend around the token remains strong. The Chaikin Money Flow (CMF) has also shown a sharp increase, boosting the likelihood of the bullish trend continuing. However, at the time of writing, SOL’s Money Flow Index (MFI) was on the verge of entering the overbought zone. If this happens, selling pressure on the token could increase, potentially reversing the trend.
