Solana (SOL) has demonstrated remarkable performance, securing its position as the second-leading altcoin behind Ethereum (ETH). This achievement is attributed to SOL’s recent price surge. Furthermore, SOL has overcome another barrier, continuing its upward trend.
SOL’s latest bull rally allowed it to surpass former top cryptocurrencies Ripple (XRP) and BNB Chain (BNB) in market value. According to CoinMarketCap, SOL saw an increase of over 60% in just the past week, trading at $113.06 with a market cap exceeding $48 billion at the time of writing.
Crypto analyst Caleb Franzen highlighted SOL’s exceptional performance in a recent tweet. SOL’s price movement has overcome various consistency barriers, maintaining its ascent and reaching new heights. Analysis indicates a sharp increase in Solana’s price volatility over the past week.
The derivative market suggests the bullish trend might persist, as indicated by high Binance funding rates. SOL’s open interest has also risen alongside its price. An increase in this metric could signal the continuation of the current price trend. Not only metrics but market sentiment towards Solana remains positive, with social volume increasing in recent weeks.
As weighted sentiment has grown, the bullish sentiment around the token remains strong. The Chaikin Money Flow (CMF) has shown a sharp increase, further suggesting the likelihood of the bullish trend continuing. However, SOL’s Money Flow Index (MFI) was nearing the overbought territory at the time of writing. If this happens, selling pressure on the token could increase, potentially leading to a trend reversal.