Connect with us

Hi, what are you looking for?

Trading Secrets

Solana Gains 4% to $159.2, Institutional Interest Peaks

Solana Gains 4% to $159.2, Institutional Interest Peaks

Quick Look:

Institutional Interest: Solana has gained traction among institutional investors, showing notable price increases and positive market sentiment. Market Performance: Currently priced at $159.2, SOL has seen a 4% increase in the last 24 hours, with a market cap of $71.3 billion. DeFi and Memecoins: DeFi activity on Solana is up, with a TVL of $4.42 billion, and memecoins have surged, contributing to the bullish outlook.

Solana (SOL) continues to captivate institutional investors, showcasing remarkable gains over the past 48 hours. These impressive movements have spurred a wave of bullish predictions, suggesting that SOL is poised for an extended uphill run. While some bears argue that achieving a new all-time high remains a distant goal, the changing market sentiment could very well drive Solana to new heights. The asset’s resilience and rapid recovery are noteworthy, making it a favourite among large-scale investors.

Solana Peaks at $260, Now Stands at $159.2 with 4% Daily Gain

Solana reached its all-time high of $260 on November 6, 2021, during a bull run that saw a significant increase in decentralised finance (DeFi) activity. As of now, SOL’s price stands at $159.2, which is 38% below its peak. Despite this, recent trading flows have pushed the price above $164, even amidst intra-day corrections. SOL has a reputation for outpacing the broader market during recovery phases, and this trend has been evident in recent weeks. The asset has recorded upward momentum not only in its price but also in institutional flows and on-chain activities. In the last 24 hours alone, Solana’s price has increased by 4%, bringing its market cap to $71.3 billion. Moreover, the 24-hour trading volume surged by 31% to $3.9 billion, while weekly inflows reached 8.35%.

DeFi Growth and the Memecoin Craze

The DeFi sector plays a crucial role in Solana’s sustained uptick, with the asset’s total value locked (TVL) across DeFi platforms currently standing at $4.42 billion—a 7.83% increase. Top DeFi protocols on Solana, such as Jito, Marinade, and Kamino, each boast TVLs exceeding $1 billion. Over the past month, Solana has seen movements above 20%, igniting a stronger rally within the community. Additionally, the memecoin craze has added to Solana’s bullish outlook. Solana memecoins have risen by 6.4% in the last 24 hours, with a market cap surpassing $7.5 billion. New tokens within the Solana ecosystem are posting substantial gains, with some achieving 50X increases in daily trading. This influx of new tokens and the potential for a Federal Reserve rate cut are key drivers behind the bullish projections for Solana. A rate cut would likely shift investor funds towards riskier assets like SOL, further boosting its price.

Future Prospects and Market Sentiment

Although Solana’s current price is significantly below its all-time high, the asset shows strong signs of an upward trajectory. The unchanged interest rates have kept some investors cautious. However, the overall market sentiment appears to be shifting towards a more optimistic outlook for Solana. The potential for a Federal Reserve rate cut and the growing interest in Solana’s DeFi platforms and memecoins could push the asset to new resistance levels.

Moreover, the crypto community remains hopeful that Solana will continue its upward climb. This optimism is driven by increasing institutional flows and robust on-chain activities. As SOL continues garnering attention and investment, its prospects look promising. Consequently, this paves the way for potential new highs in the coming months.

Solana’s recent performance has solidified its position as a favourite among institutional investors. With a notable increase in price, trading volume, and DeFi activity, the asset is on a promising path. While challenges remain, the bullish sentiment and market dynamics suggest Solana could achieve significant gains, further cementing its status in the crypto landscape.

The post Solana Gains 4% to $159.2, Institutional Interest Peaks appeared first on FinanceBrokerage.

Enter your email address below and we’ll send you our best practices.

    You can unsubscribe at any time. Redstatefoundation respects your privacy and strives to be transparent about our data collection practices. Please read our Privacy Policy and Terms of Use.

    You May Also Like

    Trading Secrets

    What is the marginal rate of substitution and its formula? Key Takeaways: Trade-offs and Satisfaction: MRS shows the trade-offs consumers are willing to make...

    Trading Life

    Laura Wong Hon Chan is an interest rate options trader, who is currently a director at Bank of America Merrill Lynch in New York....

    Trading Secrets

    In this episode of StockCharts TV‘s The MEM Edge, Mary Ellen reviews what’s driving the markets higher and what to be on the lookout...

    Trading Secrets

    SPX Monitoring Purposes: Long SPX on 10/10/22 at 3612.39; sold 12/13/22 at 3669.91 = gain 1.59%. Monitoring Purposes GOLD: Long GDX on 10/9/20 at...