Solana, a cryptocurrency that has been gaining momentum, has experienced a significant rally of about 23% in the past few days. This surge has set the stage for Solana to potentially reach the $40 milestone. While other cryptocurrencies have remained relatively flat, Solana has managed to decouple from the pack and display impressive bullish momentum.
The recent rally can be seen in the chart below:
[Chart]
Over the past week, Solana has seen a 23% increase, surpassing the performance of other top cryptocurrencies during the same period. In fact, Solana has outperformed Bitcoin, which only saw a 27% rally in the same timeframe. This strong performance has propelled Solana to the seventh spot on the list of largest cryptocurrencies by market capitalization.
Currently, Solana has a market cap of $16.5 billion, further solidifying its position as a prominent player in the crypto sector.
Now, the question arises: can Solana’s rally continue? On-chain analytics firm Santiment provides some insights into this matter.
According to Santiment, Solana’s trading volume has experienced a surge recently. This increase in trading volume indicates renewed interest from traders in making moves on the token. If this rise in volume continues, it could contribute to Solana’s market cap push.
Additionally, Santiment has also analyzed another metric called “social dominance.” This metric measures the level of social media talk related to Solana compared to the top 100 coins in the sector. The social dominance of Solana has remained relatively high in the past month, suggesting that traders have been actively discussing the rally.
However, it is important to note that an excessively high level of social dominance could indicate hype building around Solana, which historically has not always resulted in sustained rallies.
In conclusion, Solana’s recent rally has positioned it as a strong contender in the crypto market. With its impressive performance and increasing trading volume, Solana has the potential to continue its upward trajectory. However, it is crucial to monitor the social dominance metric to gauge the sustainability of the rally.
Sources:
– [Chart Source](https://www.tradingview.com/chart/qFC1kfFd/)
– [Market Cap Source](https://coinmarketcap.com/)
– [Santiment Post](https://twitter.com/santimentfeed/status/1719478624384946479)
– [Social Dominance Source](https://bitcoinist.com/dogecoin-topic-past-social-media-talks-lowest-2020/)
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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