Solana enters the $150 zone as traders eye price volatility. The cryptocurrency is up 12% in 24 hours with a market cap of $71.8 billion.
**Solana (SOL) has surged 12% in the past 24 hours, reaching $154.** With a market cap of $71.8 billion and daily trading volume at $5.5 billion, SOL is showing strong momentum.
**Since Aug. 5, SOL’s price has rallied 40%, recovering from a low of $110.** The cryptocurrency strengthened after retesting the $140 mark, reflecting robust market interest.
**Discussions about Solana are heating up.** Data from Santiment shows a 30% increase in SOL’s social volume over two days, making it the top trending token on social media.
**Social activity is primarily from X and Telegram.** Increased chatter indicates heightened trader interest and engagement with Solana.
**Open interest in Solana has risen 18% in 24 hours, from $1.44 billion to $1.69 billion,** indicating more traders are positioning for the asset’s price movement.
**However, funding rates for SOL have turned negative, falling from 0.0007% to -0.002%,** a sign that short positions slightly outweigh long positions, betting on a price fall.
**Historically, Solana bounces back when funding rates drop below zero,** suggesting potential for a rebound amidst market skepticism.
**Solana is vulnerable to high price volatility due to increased open interest and elevated RSI, which could trigger liquidations.** Despite bullish indicators, market conditions remain uncertain.
**Macroeconomic and political events could suddenly impact cryptocurrency markets, including Solana,** emphasizing the need for caution in volatile market conditions.
