Solana Daily Volume Retests $13 Billion: How About the Price?
Solana’s (Sol) daily trading volume rebounded to $13 billion for the first time since November 22, indicating increased interaction with cryptocurrencies. The spike came against the backdrop of a small price increase, with SOL rising from $230 to $239 in a matter of hours.
As altcoin prices show signs of stabilizing and on-chain activity increases, it’s possible Solana Are you ready for a potential breakthrough?
Comprehensive improvements in key areas of Solana
According to Artemis data, Solana’s daily trading volume last exceeded $13 billion on November 22. Interestingly, that day coincided with SOL rally A record high. This volume shows, in monetary terms, how much a cryptocurrency was traded in a given period.
High trading volume is often considered a prerequisite for large price moves. But this is not always the case. It’s worth noting that falling prices leading to rising volumes could indicate an ongoing economic downturn. However, if volume increases with price, it indicates strength to an upward trend.
In the case of Solana, trading volume has also increased as the altcoin’s value has risen to $239, suggesting that the currency’s value may continue to rise in the short term.
Also, does this also mean Solana’s price may recover Is it a record high? To assess this potential, BeInCrypto looked at open interest (OI).
OI represents the total number of open positions in the contract. It increases or decreases based on net position activity. While rising prices as OI rises could signal aggressive buying, technically buyer It’s still 50/50 for sellers as every transaction requires both.
Instead, a rise in OI reflects an increase in market participants’ net exposure, indicating increased interest in the asset. Conversely, a drop in open interest indicates a decrease in overall positions, meaning traders are closing contracts or exiting the market.
According to Santiment, Solana’s OI has increased to $4.05 billion. Considering this scenario, SOL may trade well above $239 in the coming days.
SOL Price Prediction: A potential retracement to $220
On the daily chart, SOL bulls appear to be on the defensive Support is at $226. On November 17, Solana’s price rebounded to $264 when bulls suppressed support.
Therefore, if history repeats itself, altcoin values are likely to replicate their performance. Like the Artemis data, the chart below shows an increase in Solana’s daily trading volume. If this value continues to rise, then SOL could climb to $264 or higher in the short term.
However, if Selling pressure increasesthis may not happen. In this case, the price of SOL may drop to $220. In a highly bearish scenario, the coin could drop to $196.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
