Solana’s Price Is Now up More Than 77% Over the Last Week

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• SOL’s price rose more than 39% over the last 24 hours.
• Santiment tweeted that liquidated short positions gave SOL’s price an extra boost.
• The altcoin’s price is now trading above the 9-day and 20-day EMA lines.

The price of Solana (SOL) has printed the biggest gain in the top 10 crypto list over the last 24 hours. According to CoinMarketCap, the price of SOL has risen 39.03% over the last 24 hours. Furthermore, SOL’s price has risen more than 77% over the last 7 days. As a result, the Ethereum killer’s price stands at $23.57 at press time.

SOL has also strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 25.42% and 26.55% respectively. Trading volume for the altcoin has surged over the last 24 hours. At press time, the total trading volume for SOL stands at $2,276,080,947. This is a 146.17% rise compared to yesterday’s trading volume.

Santiment, the blockchain intelligence firm, tweeted today that SOL’s price printed a majority of its 24-hour gains over the last day in just 2 hours – rising more than 22% within the 2-hour period. The tweet added that SOL received a boost by the large number of short positions that were liquidated.

Binance funding rate (Source: Santiment)

The chart shared by Santiment in today’s tweet shows that there was a shorting bias amongst traders on Binance over the past months. SOL’s price was able to bounce from its bottom at $8 that was set approximately 2 weeks ago. The liquidated short positions supported the bounce, according to the tweet.

Daily chart for SOL/USDT (Source: CoinMarketCap)

The price of SOL is currently trading above the 9-day and 20-day EMA lines. In addition to this, its price is also being supported by the 9-day EMA line, which is bullishly positioned above the longer 20-day EMA line.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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