Solana SOL/USD shot up on Wednesday, buoyed by a broader cryptocurrency rally and hype round Kanye West’s new meme coin.
A Look At Solana’s Key Indicators
The sixth-largest cryptocurrency by market capitalization lifted over 3% within the final 24 hours, with buying and selling quantity surging 21% to $6.65 billion.
The rally excited derivatives merchants, with open curiosity in SOL futures rising 2% during the last 24 hours to $9.25 billion, according to Coinglass. Curiously, over 70% of Binance merchants with open SOL positions had been bearish on the cryptocurrency, as seen from the Lengthy/Quick ratio.
In the meantime, the ten-day momentum indicator, which measures the speed of worth change over a ten-day interval, flashed a “Purchase” sign for SOL, according to TradingView.
On the opposite hand, the Shifting Common Convergence Divergence indicator, which plots the connection between a 12-day and a 26-day exponential transferring common — flashed “Promote” for SOL.
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Why Solana Is Buying and selling Higher
The newest spike comes alongside the broader market recovery, following days of sustained weak spot. The whole cryptocurrency market capitalization rose 2.05% during the last 24 hours.
Additional momentum got here after Rapper Ye, previously generally known as Kanye West, launched his YZY meme coin on the Solana community. Eventually examine, the coin was up almost 500% within the final 24 hours, per CoinMarketCap.
Moreover, Solana was one of many networks the place Frontier Secure Token (FRNT), the first U.S. public entity-backed stablecoin, was launched earlier within the week.
Value Motion: On the time of writing, SOL was exchanging fingers at $186.51, up 3.02% within the final 24 hours, in response to data from Benzinga Pro. 12 months-to-date, the coin has misplaced 3.78% of its worth.
Benzinga Word: Investing in meme cash is extremely speculative and entails vital danger. Meme cash usually lack intrinsic worth and are pushed by market sentiment, social media traits, and speculative buying and selling
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