Solana (SOL) has been making waves in the cryptocurrency market, emerging as one of the top-trending assets in recent trading sessions. The upward momentum seen in SOL’s price action has been further fueled by substantial whale activity, signaling a possible bullish shift for the digital asset.
Solana Among Top-Trending Cryptos
According to data from Santiment, Solana ranked as the fourth-highest trending crypto asset on September 9, later closing the session in sixth place. Despite this slight dip, SOL maintained a strong presence among the top-trending assets at press time. The coin’s positive sentiment was recorded at over 65%, indicating heightened optimism among traders and investors.
As of this writing, Solana continues to hold its sixth-place ranking in the trending assets list, with sentiment remaining strong at 63%. Moreover, its social volume surged past 3%, meaning that Solana is commanding a significant portion of the crypto conversation. This growing interest reflects the keen attention SOL is receiving, positioning it as one of the most closely watched assets in the market.
Solana’s momentum has been accompanied by a notable increase in its price. AMBCrypto’s analysis of Solana’s daily chart highlights a 3.81% gain in the last trading session, with SOL reaching $135. This marked the third consecutive day of price gains for the asset, showcasing its resilience despite market volatility.
As of press time, SOL is trading around $134, reflecting a slight 1% dip after its upward trend. Despite this minor pullback, Solana remains in a bearish phase, but the bearish momentum appears to be weakening.
A key technical indicator, the Relative Strength Index (RSI), shows that Solana is approaching the neutral line. If this trend continues, it may signal a potential reversal or consolidation in price, which could pave the way for a more sustained rally.
Whale Activity Boosts Solana’s Momentum
One of the driving factors behind Solana’s rise is the notable accumulation by crypto whales. Data from Solscan revealed that a whale purchased approximately 170,666 SOL tokens, valued at around $23 million, within the last 24 hours. This large acquisition demonstrates strong confidence in Solana’s potential, often seen as a bullish indicator for future price action.
Whale activity tends to signal confidence in a cryptocurrency’s future, and this accumulation likely contributed to Solana’s growing trend status. The combination of whale interest, strong social sentiment, and positive price action points to SOL being a digital asset worth monitoring closely.
Also Read: Solana ETF – Brazil’s Success And U.S. Skepticism – Will Solana Overcome The Odds?
Conclusion
Solana’s recent performance in the market, buoyed by whale accumulation and strong social activity, suggests a potential shift in momentum. While still in a bearish trend, the softening of negative sentiment and continued interest from large investors indicate that SOL could see further upward movement in the coming days. Traders and investors will likely continue to keep a close eye on Solana as it navigates this critical phase.
As Solana continues to trend, its market position and price trajectory will be key factors to watch in the evolving crypto landscape.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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