Solana has landed at the top of trending coins in the last 24 hours as traders wait for it to cross into the $150 price level.
Solana has seen its highest cash inflow in about a year as traders wait for it to break another price level.is on the verge of reclaiming a price level not seen in over two years, and recent data indicates a bullish sentiment among traders towards the current trend.is nearing the $150 price threshold. This development has propelled SOL to become the most trending coin in the last 24 hours, as per Santiment’s data.
Analyzing the trend reveals a positive momentum of over 56%, signifying a fairly bullish market sentiment. If Solana successfully breaches this new price level, it would mark the first time since 2022.on a daily timeframe chart reveals that by the end of trading on 7th March, it experienced a notable increase of over 10%.
The chart illustrates trading at approximately $144.06, reaching as high as $150 during that session. This marks the first instance since January 2022 that SOL has reached these price levels, signifying a significant ascent.Additionally, an analysis of its Relative Strength Index indicates that it has entered the overbought zone. As of the current assessment, the RSI is above 70, signaling a strong bull trend.
Furthermore, an examination of Solana’s volume indicates a decline from the record-breaking $9.2 billion observed on 6th March. As of the present moment, the volume hovers around $6 billion.data showed a recent uptrend. At the time of this writing, the funding rate was about 0.074%, signaling a prevailing dominance of buyers in the derivative market.Furthermore, an analysis of SOL open interest showed it had reached its highest point in months, currently at $2.51 billion.
Moreover, the present state of open interest serves as an indication that traders are growing more bullish and anticipating a further price increase.Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.