In recent months, Solana has demonstrated increased network activity and price movements, catching the attention of traders and analysts.
Analysis of Solana's Price Movements
Recent data indicates that Solana is regaining popularity regarding price. After Ethereum's dominance in the second and third quarters, Solana has seen its price rise above $220. This marks an impressive 8% increase from the week's low and suggests that Solana has secured a stable position, possibly indicating the beginning of a new altcoin season.
Whale Activity Data
It has been noted that large market players have begun to take profits in the last couple of days, with whale volumes decreasing by $6.93 million in SOL. Although the overall trend still favors inflows, there exists a general bearish sentiment with over $282 million in short positions, suggesting potential liquidations.
New ATH in TVL for Solana
Over the last 48 hours, Solana's total value locked (TVL) reached a new all-time high of $12.4 billion. This has also coincided with a sharp increase in decentralized exchange volumes from $2.39 billion to $4.21 billion, while the number of active addresses rose from 1.78 million to 2.69 million.
Thus, Solana is showing promising changes in both price metrics and network activity, which may signal potential growth and the beginning of a new cycle in the cryptocurrency space.
