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Bullish sentiment is prevailing across the cryptocurrency market. While Bitcoin (BTC) has been at the forefront of this rally, altcoins like Solana (SOL) have also started to make big moves. It appears that the SOL price is now targeting the next highs. While it has already initiated a price surge, certain important metrics have also turned bullish.
One of them is the trading volume of Solana, which can give a clearer picture of the current market sentiment. The trading volume of SOL, according to data from Coinglass, has surged about 121% in the last 24 hours. It currently stands at a whopping $7.96 billion, indicating a massive influx of investment.
The rising trading activity is a sign of greater investor confidence and interest for Solana. It shows that both buying and selling activities have increased. However, there is more buying activity going on for the coin, as no major sales have been detected as of now. Moreover, market sentiment remains on the bullish side.
Solana price rally to continue?
Supporting this analysis is the 5.7% surge in Open Interest (OI) during this time. The OI of Solana is currently at the massive level of $2.99 billion. This means that crypto traders and investors are actively opening more positions on Solana, indicating that the current market trend is strong, and price gains are expected.
Meanwhile, the Solana price has surged 4.74% in the last 24 hours. As of this publication, it is trading at $166.31, which is a crucial level for the digital currency. If SOL continues to stay above this level, it will likely target the $172 target next. Achieving this feat can result in more price gains in the coming days or weeks, leading toward a more sustained Solana price rally.
Gamza Khanzadaev
Tomiwabold Olajide
Vladislav Sopov
Dan Burgin