Solana

dYdX (ethDYDX)

Solana (SOL) has embarked on an impressive run in a surprising turn of events, recording a substantial 35% surge over the past three weeks. This surge marks a significant milestone for cryptocurrency, demonstrating a potential resurgence after months of relative stagnation. Despite falling short of its previous glory, when SOL was valued at over $250 per coin in November 2021, the recent price burst brought renewed attention to the asset.Santiment, a crypto analytics platform, shared an optimistic outlook on Solana’s performance in a recent tweet<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/a475109469c34cf997b8088d0713f03b.png" />The exact catalyst behind this sudden upswing remains to be discovered, as no particular exchange-traded funds (ETFs) appear to be driving the momentum. However, analysts have closely monitored Solana&#39;s social volume, particularly on Reddit, an American social news aggregation, as it exhibited a noticeable increase earlier today. The uptick in price coincided with a Reddit <a href="https://www.reddit.com/r/CryptoCurrency/comments/14rlglq/solana_still_standing_after_all_its_been_through/" rel="noopener noreferrer nofollow">post </a>discussing Solana&#39;s resilience, suggesting a possible correlation between social sentiment and market movement.While the price surge is promising, trading volume has yet to significantly increase. However, even a slight climb in trading activity could provide the necessary momentum to bolster the price further. Investors and traders should watch Solana&#39;s financing rate on platforms like Binance and DyDx. In the past, buying SOL when the short-term funding rate dramatically increased has led to beneficial outcomes. Although the asset could still experience price growth without the aid of shorts being liquidated, the probability of further gains might be diminished.Read full article at <a href="https://cryptotale.org/solanas-surprising-surge-a-35-jump-sparks-renewed-interest-in-sol/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Solana's Surprising Surge: A 35% Jump Sparks Renewed Interest in SOL

CryptoTale

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