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Today, we are excited to share a new article about Solana’s NFT Market!. Be sure to follow Bitrue's Official Twitter and Telegram to stay updated!
Introduction
Solana (SOL) has made significant strides, emerging as the second-best performing altcoin after Ethereum (ETH) due to its recent price surge. Amidst this surge, SOL has surpassed former top cryptocurrencies like Ripple (XRP) and Binance Coin (BNB). According to CoinMarketCap, SOL has soared over 60% in just seven days, currently trading at $113.06, boasting a market value exceeding $48 billion.
Caleb Franzen, a prominent crypto analyst, emphasized SOL’s exceptional run in a recent tweet, noting its consistent upward trajectory and overcoming price barriers to attain new highs. The sharp increase in Solana’s value follows a week of pronounced price volatility.
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The Rise of SOL May Continue
The bullish momentum seems poised to persist, hinted by the high Binance funding rate within the derivatives market. Concurrently, SOL’s open interest has surged alongside its price, signaling a potential continuation of its current upward trend. Market sentiment toward Solana has also grown, evident from its escalating social volume, reflecting heightened popularity.
Weighted sentiment trends indicate a sustained bullish outlook surrounding the token. Furthermore, the Chaikin Money Flow (CMF) has exhibited a notable surge, reinforcing the probability of the bullish trend prolonging. However, as of the latest observations, SOL’s Money Flow Index (MFI) teeters on the brink of entering the overbought zone. A shift into this territory might escalate selling pressure on the token, potentially triggering a trend reversal.
Read More: Solana's Meteoric Surge: DEX Volume Soars, Ranks Second After Ethereum