{"id":75449,"date":"2023-11-11T15:21:09","date_gmt":"2023-11-11T15:21:09","guid":{"rendered":"https:\/\/kryptodata.se\/what-is-the-reason-behind-the-increase-in-solana-price-this-week\/"},"modified":"2023-11-11T15:21:09","modified_gmt":"2023-11-11T15:21:09","slug":"what-is-the-reason-behind-the-increase-in-solana-price-this-week","status":"publish","type":"post","link":"http:\/\/kryptodata.se\/what-is-the-reason-behind-the-increase-in-solana-price-this-week\/","title":{"rendered":"What is the reason behind the increase in Solana price this week?"},"content":{"rendered":"

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. <\/p>\n

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. <\/p>\n

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. <\/p>\n

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. <\/p>\n

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. <\/p>\n

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. <\/p>\n

In summary:<\/p>\n

– Solana’s price has surged 40% this week, reaching a new high for 2023.<\/p>\n

– Factors contributing to the gains include easing FTX-dump fears and growing Bitcoin ETF buzz.<\/p>\n

– The impact of FTX token sales has been limited, leading to investor enthusiasm.<\/p>\n

– Bitcoin ETF euphoria has driven the overall uptrend in cryptocurrency prices.<\/p>\n

– Solana’s futures open interest and funding rates indicate strong bullish sentiment.<\/p>\n

– From a technical standpoint, Solana’s price has broken out and has an upside target of $90.<\/p>\n

– However, the RSI suggests a potential correction in the near future.<\/p>\n","protected":false},"excerpt":{"rendered":"

<\/p>\n

Solana’s price is up 40% this week due to easing FTX-dump fears and growing Bitcoin ETF buzz, while SOL\/USD technicals hint at more upside. <\/p>\n","protected":false},"author":1,"featured_media":75450,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_oct_exclude_from_cache":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[21],"tags":[47],"class_list":["post-75449","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoins","tag-bitcoin"],"yoast_head":"\nWhat is the reason behind the increase in Solana price this week? 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