Categories: Uncategorized

What has happened to SOL in the last 72 hours and what does the future look like?

Of all the altcoins currently available in the crypto market, SOL has been the hottest asset for over 3 months. With a return of over 764.12%, SOL prices rose slightly before consolidating for most of this month.

However, the last 72 hours have been a blessing and have pulled this altcoin out of its misery. Price made up for all the losses of the past 2 months in just 3 days.

Miracle is to SOL. came

On October 20th, SOL began to rise and in the days that followed it rose 29.78%.

This W-shaped rebound put the price above the main sustained resistance at $ 200. It also reached an all-time high. As a result, SOL’s market cap has grown from $ 46 billion to $ 62 billion.

The recovery of the SOL price | The source: TradingView

However, this is not an accidental increase, but mainly due to events that occurred between October 19 and October 20.

1. USDT and USDC deposit and withdrawal via Solana has been activated on the OKEx exchange

2. The Wormhole Cross-Chain Interaction Protocol supports Terra, which allows UST and LUNA to be transmitted over chains such as Ethereum and Binance Smart Chain

3. Solana’s recently launched staking protocol from Marinade Finance exceeded $ 1 billion in less than 2 months

Of course, just because of the uptrend, investors immediately jumped on the SOL bandwagon and that led to this rally.

Investors are very active

Trading volume hit a monthly high on October 21, reaching $ 3.4 billion in just one day. In addition, about 100,000 SOL were purchased in just 5 minutes last night. Additionally, over 6 million SOL ($ 1.2 billion) were bought and sold on October 21.

SOL buy / sell volume | The source: Coinlyze

Surprisingly, however, the leveraged market appears to be more bullish than the spot market. Trading volume exceeded $ 10 billion and over $ 16 million in long and short contracts were liquidated in just one day.

Liquidation amount | The source: Coinlyze

The upward trend continues today as short contracts valued at $ 4 million dominate the long contracts.

SOL derivative volume on exchanges | The source: Coinlyze

There seems to be no warning sign here for those waiting. At the time of writing, there are no signs of price decline as the volatility is very low. After all, the average user mood is currently very positive.

SOL volatility | The source: Messari

Now is the time for those looking to invest in SOL. However, the price needs to be watched as there is still a possibility of a correction towards the $ 200 mark. When the candle closes above it, you enter the market with confidence. On the contrary, traders need to be more careful in their decisions.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

At home at home

According to AMBCrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

11 minutes ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

2 hours ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

2 hours ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

3 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

4 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

4 hours ago

This website uses cookies.