Kryptodata

  • Market Cap: $3,020,603,254,937.26
  • 24h Vol: $392,089,633,204.40
  • BTC Dominance: 57.29%

Domän och hemsidan är till salu. Mejla kontakt@kryptodata.se vid intresse.

What is the reason behind the increase in Solana price this week?

What is the reason behind the increase in Solana price this week?

Solana’s price has surged 40% this week, reaching a new high for 2023 at around $58. This is the largest weekly gain for Solana since January 2023. The increase in price can be attributed to several factors, including the easing of FTX-dump fears and growing excitement around Bitcoin ETFs.

Despite concerns about FTX selling large amounts of SOL tokens on a daily basis, the impact of these sales has been limited due to some tokens being locked or vested, as well as a weekly sale limit of $100 million. This has transformed initial fears into investor enthusiasm.

Bitcoin ETF euphoria has also contributed to the overall uptrend in cryptocurrency prices, with Solana being the best-performing coin in the past 30 days.

Solana’s futures open interest has reached a significant level of around $772 million, indicating greater interest and liquidity in the market. Additionally, the rising funding rates suggest strong bullish sentiment among investors.

From a technical standpoint, Solana’s price has broken above a horizontal trendline resistance, indicating a bullish breakout. If the ascending triangle bottom reversal plays out, the upside target for SOL price by the end of the year is around $90, a 50% increase from current levels.

However, it’s important to note that the weekly relative strength indicator (RSI) is at its most overbought level since September 2021, suggesting a potential correction in the near future.

In summary:

– Solana’s price has surged 40% this week, reaching a new high for 2023.

– Factors contributing to the gains include easing FTX-dump fears and growing Bitcoin ETF buzz.

– The impact of FTX token sales has been limited, leading to investor enthusiasm.

– Bitcoin ETF euphoria has driven the overall uptrend in cryptocurrency prices.

– Solana’s futures open interest and funding rates indicate strong bullish sentiment.

– From a technical standpoint, Solana’s price has broken out and has an upside target of $90.

– However, the RSI suggests a potential correction in the near future.

Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.