Solana (SOL) Price Analysis
As Solana (SOL) solidifies its position as the fourth-largest cryptocurrency, surpassing XRP and BNB within a week, a crucial indicator suggests that a potential price decline might be on the horizon.
According to data provided by the market intelligence platform Santiment, Solana’s Relative Strength Index (RSI) has increased from 77 to 79 in the past 24 hours. An uptick in RSI typically signals an impending price drop and heightened selling pressure.
To maintain a bullish trajectory, SOL’s RSI would need to cool down to the 60 mark before any further price surges.
SOL has experienced a 1.2% decrease in the past 24 hours, currently trading at $113. The cryptocurrency boasts a market capitalization of $48.3 billion, securely holding the fourth position after Bitcoin (BTC), Ethereum (ETH), and USDT.
Data reveals a slight downward momentum in Solana’s daily trading volume, hovering around the $4.8 billion mark.
Whale Transfer to Binance
Amidst the looming possibility of a price decline, a whale has executed the transfer of 199,999 SOL tokens to the Binance cryptocurrency exchange. According to Whale Alert, the transaction is valued at approximately $23 million, with no additional movements detected as of now.
Recent Performance and Milestones
These movements follow Solana’s recent achievement of reaching a 21-month high of $117.3 on December 24, marking consistent increases over the past month. Notably, SOL’s price has witnessed an impressive 94% rally in the last 30 days.
Data from Santiment also indicates a 5% rise in Solana’s total open interest (OI) within the past 24 hours, escalating from $1.36 billion to $1.42 billion.
According to Santiment, long-position SOL holders are marginally dominating the asset’s total OI. The Binance funding rate for Solana currently stands at 0.012%.
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