Solana Rockets Up 23%: Here’s How This Run Can Continue

Solana has enjoyed a sharp rally of about 23% in the last few days. Here’s what’s required for this run to continue further.

Solana Knocks On The Door Of $40 After Rapid Increase

While most of the cryptocurrency has been flat in the last few days, Solana has decoupled from the pack and has shown some impressive bullish momentum. So far in this run, SOL has managed to near the $40 milestone.

How To Get Free Crypto  

The below chart shows what the cryptocurrency’s latest rally has looked like:

SOL has seen some sharp rise during the last few days | Source: SOLUSD on TradingView

Following this rally, Solana is up about 23% in the past week, which is significantly more than what any of the top cryptocurrencies have achieved in the same period.

The past month as a whole has been a great time for SOL investors, as the asset is up more than 80% in the period. For comparison, Bitcoin only saw a 27% rally in this timeframe.

Thanks to this strong performance, SOL has also managed to improve its market cap ranking recently, as it now sits 7th on the list. This means that the asset is now the seventh-largest crypto in the sector on the basis of total valuation.

Looks like SOL has a market cap of $16.5 billion at the moment | Source: CoinMarketCap

Now, the big question on the minds of SOL holders must be: can this rally go even further? The on-chain analytics firm Santiment has provided some hints.

Coinbase Banner  

SOL Trading Volume Has Shot Up Recently, Social Dominance Is Also Up

In a new post on X, Santiment has discussed SOL’s latest rally and how its underlying metrics have changed following it. Notably, the trading volume of the cryptocurrency has seen a surge recently, as the below graph highlights.

The value of the metric seems to have gone up in recent days | Source: Santiment on X

The “trading volume” here refers to a measure of the total amount of SOL that has been involved in trading on the different spot exchanges in the sector during the past 24 hours.

From the chart, it’s visible that the Solana trading volume had shot up when the rally in October had started, but when the coin hit a phase of consolidation, the volume quickly dropped.

With the latest leg in the rally, though, the indicator has seen a resurgence, showing that traders have once again become interested in making moves on the token. Santiment notes that if this rise in the volume can continue, Solana might be able to keep up its current market cap push.

FreeBitcoin Banner  

In the same chart, the analytics firm has also attached the data for another metric: social dominance. This metric basically tells us about how the social media talk related to SOL compares against the top 100 coins in the sector.

The social dominance of the cryptocurrency has remained at relatively high levels during the past month, implying that traders have been discussing about the rally.

This metric could be one to watch in the coming days, as it going even higher can be a sign of hype building around Solana, which is something that has historically not turned out well for rallies.

Featured image from, charts from,

Go to Source
Author: Keshav Verma

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.