Here’s why Solana Price is leading the crypto market rally

Solana Pricing News: Solana’s price increased by 40% in the past 24 hours as crypto market recorded a strong recovery. Its 24-hour trading volume increased by 195% to $2.76 billion.

The prices of the biggest cryptocurrencies like Bitcoin (BTC) and Ethereum jumped 10% in the past day. However, the accumulation continued to regain the crucial $1 trillion mark.

Blockchain intelligence firm Santiment reported that Solana price printed over 22% of its 24-hour gains from the previous day in just 2 hours. The tweet went on to say that many short positions had been liquidated which gave SOL a boost.

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Solana price increased by 40%

Solana’s price at the time of writing is $23.66, with a market cap of $12.6B and 24-hour trading volume up 167%. It now stands at $2.5 billion. Meanwhile, the circulating supply is around 370,622,178 SOL according to crypto market tracker CoinMarketCap.

Source: Coinmarketcap

Because of FTX Crisis, the SOL course appears to be significantly undervalued at the moment. Solana is generally considered a very volatile cryptocurrency. For example, the network has been overpriced at times in 2021. The price currently does not seem to match what Solana has to offer in terms of potential.

Binance Funding Rate

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

Daily Solana Price Chart

The price of SOL is currently trading above the 20-day and 9-day EMA lines. Additionally, the 9-day EMA line, which is positioned higher above the longer 20-day EMA line, supports 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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CoinGape has an experienced team of native content writers and editors working around the clock to cover the news globally and present the news as fact rather than opinion. CoinGape editors and reporters contributed to this article.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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