Solana Price Prediction as $300M Trading Volumes Come In: Are the Whales Buying?
Solana, a blockchain platform known for its scalability and high-speed transactions, has garnered significant attention in the cryptocurrency market.
As trading volumes top $300 million, the question arises: are the whales buying Solana?
In this Solana Price Prediction, we will examine recent trade volumes and delve into the potential impact of whale activity on Solana’s price movement.
Solana’s growing transaction volumes and promising NFT sales sector
Solana (SUN) is attracting attention due to its impressive transaction volumes and positive developments in the NFT sales sector.
DeFiLlama says that Solana ranks sixth in weekly decentralized exchange (DEX) volume, seeing a remarkable 84% increase.
Solana’s growth is remarkable with over $57 billion in cumulative volume and 24-hour trading volume in excess of $43 million.
NFT trading volume on Solana has also seen a significant increase, as reported by Sentiment.
Although there has been a slight decline recently, NFT USD volume is still considerably higher compared to the previous year, currently approaching $3 million.
However, Solana’s total value locked (TVL) performance has been lackluster, declining in November 2022 and numbers have flattened since then.
The current TVL stands at approximately $270.5 million and shows no apparent sign of a significant uptrend in the near future.
This news is expected to have a positive impact on the perception and recognition of Solana as a thriving blockchain platform.
It demonstrates Solana’s ability to attract users and generate significant business activity, which could further improve investor confidence and attract more participants to the network.
Positive sentiment and long position preference fuel bullish outlook for Solana Coin
According to recent data from CoinGlass, general sentiment towards Solana has been positive in recent weeks.
Currently, the weighted funding rate of glass coin it is positive on different exchanges, indicating an expectation of an increase in the price of Solana and a predominant preference for long positions.
The positive sentiment and preference for long positions paint a favorable outlook for Solana’s future.
This news may have a positive impact on the Solana coin, as it signals increased investor confidence and anticipation of price growth, which may attract more buyers and potentially increase its value.
The Solana (SOL) coin has been attracting more and more attention as it recently rallied after a minor drop last month.
With SOL reaching an intraday high of $20.26 and currently trading around the $20.20 level, its price is showing signs of positive bullish momentum.
However, during a major market sell-off, SOL experienced a temporary crash along with other major cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
In particular, the Securities and Exchange Commission (SEC) filed lawsuits against major cryptocurrency exchanges Binance and Coinbase, classifying Solana and several other cryptocurrencies as unregistered securities, which initially affected the price of SOL.
However, it quickly rebounded when buyers entered the market when the price was below $15, resulting in a 48% increase from its low point in June.
As of now, Solana is priced at $20.25, with a 24-hour trading volume of $412,154,944.
The coin has witnessed a gain of more than 5% in the past 24 hours, securing the ninth spot on the market with a live market value of $8,126,299,544.
Its circulating supply is 401,308,965 SOL coins, while the maximum supply is currently unlimited.
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