Here’s Why Solana Price Is Leading Crypto Market Rally

Solana Price News: Solana’s price has risen by 40% in the last 24 hours as the crypto market registers a broad recovery. Its 24 hour trading volume is up by 195% to stand at $2.76 billion.

The largest cryptocurrencies like Bitcoin (BTC) and Ethereum prices surged by 10% over the past day. However, the cumulative went on regain the crucial $1 trillion mark.

The blockchain intelligence firm Santiment reported that the Solana price printed more than 22% of its 24-hour gains over the previous day in just 2 hours. The tweet continued by saying that a lot of short positions were liquidated, which gave SOL a boost.

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Solana’s Price Increased by 40%

Solana’s price at the time of writing is $23.66, with a market capitalization of $ 12.6 B and a 24-hour trading volume up by 167%. Now it stands at $2.5 B. At the same time, the circulating supply is approximately 370,622,178 SOL as per the crypto market tracker CoinMarketCap.

Source: Coinmarketcap

Due to the FTX crisis, the SOL course appears to be significantly undervalued at the moment. Solana is generally regarded as a very volatile cryptocurrency. For instance, the network was occasionally overvalued in 2021. The price currently doesn’t seem to be in line with what Solana has to offer in terms of potential.

Binance funding rate

The chart Santiment included in today’s tweet demonstrates that traders on Binance have exhibited a bias toward shorting over the past few months. SOL’s price was able to recover from the bottom it reached $8 about two weeks ago. The tweet claims that the bounce was supported by the liquidated short positions.

Solana Price Daily Chart

SOL’s price is presently trading above both the 20-day and 9-day EMA lines. Additionally, the 9-day EMA line, which is bullishly positioned above the longer 20-day EMA line, is supporting the price of the asset.

Disclaimer: This is not investment advice. Please do your due diligence before investing in any asset.

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