Popular altcoin solana (SOL) has struggled to hold strongly above the $110 level over the past week. The recent price drop resulted in it losing its position to BNB again.
SOL decreased by 3.8% in the last 24 hours. At the time of writing, it is trading at $109.5. The market value of the asset dropped from approximately $50 billion to $47 billion in the past day. This makes it the fifth largest cryptocurrency made it a unit.
altcoin‘s 24-hour training volume increased by 16% and reached 3.3 billion dollars.
Koinfinans.com According to a report, the Solana network has surpassed Ethereum’s weekly stablecoin transaction volume. Solana’s seven-day stablecoin volume reached $103 billion, while Ethereum’s figure hovered around $90 billion.
According to data provided by Santiment, social activity around the SOL token has increased by 76% in the past day after falling steadily since December 24.
On the other hand, total open interest (OI) on Solana dropped from $1.3 billion to $1.26 billion in the last 24 hours, according to Santiment. Decreasing OI may indicate the closing or liquidation of approximately $40 million worth of SOL perpetual contracts at this price point.
According to Santiment data, the total funding rates raised by SOL currently stand at 0.08%. This indicator shows that long position holders are outweighing short position holders at this price point.
Moreover, the Solana Relative Strength Index (RSI) has been rising continuously since December 30. According to Santiment, SOL’s RSI reached a seven-day high of 77.
While the majority of traders are betting on long positions, the RSI indicator indicates high price volatility.
According to a report published on January 1, Solana’s decentralized exchange (DEX) volume exceeded $28 billion in December. The rally follows a series of airdrops and events that also helped the SOL token reach $120 in late December. meme coin triggered by his madness.