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Solana (SOL), has displayed an impressive performance over the past few weeks, achieving a significant amount of market value. Santiment also mentioned Solana in its report, underlining the same fact.
Cryptocurrency Report on Santiment
Santiment recently published a report highlighting the performance of the top tokens last week. According to the report, SOL consistently appeared at the top from December 18, 2023, to December 24, 2023, indicating its maintained popularity throughout the week.
The report also noted that despite facing tough competition, SOL witnessed a strong price increase and social volume. Santiment discussed the performance of other top-performing cryptocurrencies like INJ as well. According to CoinMarketCap, SOL has increased by nearly 25% in just the last seven days. The recent uptrend has allowed the token to surpass XRP and BNB Chain (BNB), securing a place in the top five cryptocurrencies list.
At the time of writing, SOL is trading at $104.37 with a market value of over 44 billion dollars. Analyses indicate that SOL’s Bollinger Bands suggest the token price has entered a high volatility zone. Its MACD also revealed a clear bullish advantage in the market. However, after a comfortable uptrend, SOL’s Relative Strength Index (RSI) recorded a decline from the overbought region.
Solana Price Analysis
A similar trend was observed in terms of the Chaikin Money Flow (CMF), which could lead to a price correction in the coming days. In fact, SOL has already experienced a 6% decrease in the last 24 hours. Our analysis revealed that Solana’s price faced increased selling pressure when it reached $127. Shortly after, SOL began to fall, reaching this week’s lowest level of $109. The bad news was the increase in Binance funding rate as the token’s price fell.
This could mean that derivative traders are actively purchasing SOL at a lower cost. Nevertheless, the token’s social volume remained consistently high last week, reflecting its popularity in the crypto market. It would be interesting to follow whether Solana can maintain its position in the top five despite these setbacks.
