Solana has demonstrated notable gains, rebounding after falling below the $90 mark on January 8. The Relative Strength Index indicates robust bullish momentum for the cryptocurrency.
Solana (SOL) has experienced a remarkable 14% increase in the last 24 hours, currently trading at $101.50 as of the latest update. The asset’s market capitalization has surged to $43.8 billion, approaching the $46 billion market capitalization of BNB once again.
Furthermore, Solana’s 24-hour trading volume has seen a notable 43% rise, reaching $4.1 billion.
As per Santiment data, the total open interest (OI) in Solana’s perpetual futures contracts has seen a 6.5% rise over the last 24 hours, reaching a current level of $944 million.
Market intelligence data reveals that over 50% of SOL investors are anticipating a continued price increase. According to Santiment, Solana’s funding rate across all trading platforms currently stands at 0.01%.
Additionally, Solana’s Relative Strength Index (RSI) has experienced a slight uptick in the last 24 hours, climbing from 35 to 37. This suggests that the fifth-largest cryptocurrency is on a steady upward trajectory, with the indicator implying anticipation of minor price fluctuations.
For Solana to sustain its bullish momentum, its Relative Strength Index (RSI) must remain below the 50 mark.
On January 8, the Solana Foundation issued its developer report, revealing that the ecosystem presently boasts between 2,500 and 3,000 active developers.
The report attributes the surge in Solana developers to the Solana Hyperdrive Hackathon. The Solana Foundation highlighted that the company incorporated 41 new jobs in December 2023 alone.
