The price of Solana (SOL) recently exhibited significant growth, attributed to increased demand for the cryptocurrency from various investors.
Price Rise of Solana in 24 Hours
The price of Solana (SOL) increased by 3% over the past 24 hours to about $164. The large-cap altcoin, with a fully diluted valuation of around $99 billion, recorded a 62% rise in trading volume, hovering around $7.9 billion.
Increase in Solana Network Activity
The Solana network witnessed a significant increase in on-chain activity, driven by rising demand from retail traders, whale investors, and corporations. More than $23 million was liquidated from Solana’s leveraged market, with short positions amounting to approximately $16.7 million. The Open Interest in Solana surged to $7.5 billion.
Price Forecasts for SOL
According to crypto analyst Ali Martinez, the SOL price is expected to aim for $180 in the coming days after breaking through a resistance level around $158 in the last 48 hours. This bullish sentiment is supported by the recent rise of Bitcoin prices, surpassing $119,000 for the first time.
Amid increasing interest and active investments from institutional investors, Solana is showing a positive trend in the cryptocurrency market.
