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The broader crypto market remains stuck in a consolidation period. Solana (SOL) has also continued its sideways movement with no signs of any immediate upward trend. This situation has largely impacted market sentiment as the community was anticipating major gains in October.
The market has historically seen major price rallies in October, also known as "Uptober" in the crypto community. So far, there are no gains for SOL and other coins, and the market has witnessed frequent dips, leading a certain section of the community to term the ongoing month as "Rektober."
However, it appears that Solana investors are still bullish as they continue to believe in the "Uptober" philosophy. Their positive sentiment can be seen in the rising trading activity for SOL. According to CoinGlass data, the trading volume of Solana has jumped 24.88% in the last 24 hours. It is currently standing at the whopping $4.76 billion level.
Solana price rally coming?
Traders and investors are not losing hope as they are strongly fighting the bears. The surging trading activity highlights the increasing confidence and interest in SOL, which can leave a positive impact on the price. The SOL price can trigger a brief rally, seeing a greater influx of investors.
Other than trading volume, the Open Interest (OI) of Solana has also seen a remarkable surge. It has jumped 5.32% during this time, currently standing around the $2.3 billion level. The rising OI also supports the bullish narrative for Solana, and it confirms increasing investor confidence in the coin.
As of now, the SOL price is at $139.40, witnessing a decrease of 2.15% in the last 24 hours. Solana needs to claim support around the $152 price range in order to ignite a broader price rally. While it may seem impossible as of now, support from traders may make it achievable in the near future.
Yuri Molchan
Gamza Khanzadaev
Dan Burgin
Vladislav Sopov
U.Today Editorial Team