Solana flips Cardano and Dogecoin: What’s next?

• Aside from SOL’s worth, the blockchain’s TVL additionally surged over the previous few days.
• Most metrics regarded bullish on SOL, however the RSI and MFI have been bearish. 

Your complete crypto market turned bullish of late, which allowed most cryptos to color their charts inexperienced. Whereas the market gained momentum, Solana [SOL] stunned buyers as its worth registered an unprecedented excessive. 

Learn Solana’s [SOL] Worth Prediction 2023-24

This occurred on the time when the blockchain’s TVL spiked, which was encouraging to take a look at. Nevertheless, a more in-depth test of the blockchain’s ecosystem revealed that the value uptrend may not final so long as many might need anticipated.

Solana is outperforming the remainder

Whereas many of the cryptos registered good points, SOL considerably took buyers without warning as its worth skyrocketed over the previous week. In response to CoinMarketCap, SOL’s worth surged by greater than 25% within the final seven days. In reality, the token’s worth went up by over 14% in simply the final 24 hours.

On the time of writing, SOL was buying and selling at $24.36 with a market capitalization of over $10 billion. Because of the current worth uptrend, Solana managed to flip Dogecoin [DOGE] and Cardano [ADA] to develop into the seventh-largest crypto by market cap.

BREAKING: $SOL FLIPS $DOGE AND $ADA IN MARKET CAP pic.twitter.com/RXKCBQinIJ

— DEGEN NEWS 🗞️ (@DegenerateNews) September 30, 2023

The excellent news was that the value uptick was accompanied by a greater than 100% improve in its 24-hour buying and selling quantity, which supplied assist for the surge. Not solely did Solana’s worth surge, however its efficiency within the DeFi area additionally witnessed development.

As reported earlier, SOL’s TVL additionally surged considerably over the previous few days. On the time of writing, the blockchain’s TVL stood at $1.15 billion, as per DeFiLlama.

Solana’s current efficiency additionally helped improve optimistic sentiment across the token. This was evident from LunarCrush’s data, which identified that SOL’s social engagement surged by almost 30% during the last seven days.

Traders’ confidence in SOL was additionally excessive, as its bullish sentiment spiked final week.

Will Solana maintain the pump?

Santiment’s information revealed that SOL’s worth uptick brought on its 1-week worth volatility to spike sharply, suggesting an extra hike in its worth. Solana’s open curiosity additionally went up together with its worth. An increase within the metric typically means a continuation of the present pattern.

Moreover, SOL’s Binance funding fee additionally turned inexperienced, which means the derivatives patrons have been buying SOL at a better worth, growing the possibilities of an extra uptrend.

Supply: Santiment

How a lot are 1,10,100 SOLs value immediately?

Although the aforementioned metrics supported the patrons, a take a look at SOL’s every day chart revealed that the state of affairs may change. Solana’s Relative Power Index (RSI) entered the overbought zone, which might improve promoting stress on SOL.

Its Cash Circulate Index (MFI) additionally registered a downtick. Nonetheless, the Chaikin Cash Circulate (CMF) remained within the bulls’ favor. 

Supply: TradingView