🌎 Solana Surges 12%, Reaches $154 Amid Market Recovery

Solana has shown resilience following the market-wide bearish trend on August 5. As the fifth-largest cryptocurrency, Solana has re-entered the $150 zone.

Solana has surged by 12% in the past 24 hours, trading at $154 as of the latest update. The cryptocurrency boasts a market cap of $71.8 billion and a daily trading volume of $5.5 billion.

Over the past few days, Solana has experienced a 40% price rally from its local bottom of $110 on August 5, strengthening its position after retesting the $140 mark.

The price increase coincides with a rise in discussions about Solana. Data indicates that the social volume around Solana has increased by 30% over the past two days, making it the top trending token on social media platforms. Most of this social volume originates from platforms like X and Telegram.

Market intelligence data reveals that the total open interest in Solana has increased by 18% in the past 24 hours, rising from $1.44 billion to $1.69 billion. This indicates growing trader interest as the price rebounds.

Additionally, the total funding rate for Solana has entered the negative zone again, dropping from 0.0007% to negative 0.002% in the past 24 hours. This suggests that short positions slightly outnumber long positions, as more traders bet on a price decline.

Historically, Solana has experienced quick rebounds after its funding rates drop below zero. According to recent data, the Solana Relative Strength Index (RSI) is currently at 65, indicating that Solana is slightly overbought at this price level.

Due to increased open interest and a heightened RSI, Solana is currently prone to high price volatility, which could potentially trigger liquidations.

It is crucial to consider that macroeconomic and political events can have sudden impacts on financial markets, including cryptocurrencies, despite bullish technical indicators.