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Solana

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<ul>
 <li>Solana witnessed high liquidations on several occasions during its bull rally.</li>
 <li style="font-weight: 400;">SOL was up by more than 8% in the last 24 hours, but a few metrics looked bearish.&nbsp;</li>
</ul>
<a href="https://ambcrypto.com/search/Solana" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Solana [SOL]</a> has displayed incredible performance of late with its massive gains. The token outperformed the top coins at this time, allowing it to grab a spot on the list of the top 5 cryptos by market capitalization. 
AMBCrypto also took a look at how the token’s on-chain metrics reacted over the last few months while its price surged in triple digits.
<h4>Solana’s growth is remarkable</h4>
Bitfinex, one of the world’s largest crypto exchanges, recently posted a tweet regarding Solana’s growth. As per the tweet, SOL’s price has surged by more than 340% in the last three months alone. 
During the beginning of its bull rally, the token was priced at $19.80, and three months later, its value reached $67.94.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Good morning, <a href="https://twitter.com/solana?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">@Solana</a> fam! <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2600.png" alt="☀" class="wp-smiley" style="height: 1em; max-height: 1em;"> Today's a great day to celebrate the 343% growth of <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$SOL</a>. From $19.80 per SOL 3 months ago to $67.94 today! Stay bullish.<a href="https://t.co/Ltajh1l15C" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/Ltajh1l15C</a>
 — Bitfinex (@bitfinex) <a href="https://twitter.com/bitfinex/status/1736691151191621973?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 18, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
AMBCrypto also examined Solana’s on-chain metrics to see how they reacted when <a href="https://ambcrypto.com/solana-inscriptions-cross-1-mln-will-sol-reap-the-benefits/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">SOL</a>’s price skyrocketed. Our analysis of Santiment’s data revealed that SOL’s Price Volatility 1d spiked multiple times, thanks to the consecutive price upticks. 
Interestingly, SOL’s Development Activity also remained relatively stable throughout the last three months.
<div id="attachment_359454" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.26.29-19-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359454" decoding="async" class="wp-image-359454 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.26.29-19-Dec-2023.png" alt="" width="3840" height="1300" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.26.29-19-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.26.29-19-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.26.29-19-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.26.29-19-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.26.29-19-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.26.29-19-Dec-2023-2048x693.png 2048w" sizes="(max-width: 3840px) 100vw, 3840px"></a>
 Source: Santiment
</div>
There was more to the story, as SOL’s trading volume increased sharply on multiple occasions. As AMBCrypto <a href="https://ambcrypto.com/solana-volume-makes-history-will-sol-follow-suit/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">reported</a> earlier, SOL’s volume was over $1.5 billion as of the 16th of December, surpassing the king of altcoins, <a href="https://ambcrypto.com/search/ethereum" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Ethereum [ETH]</a>. 
The price upticks also made SOL a hot topic of discussion in the crypto space, as evident by the rise in its Social Volume. Its Weighted Sentiment also followed a similar trend, meaning that bullish sentiment around Solana was dominant in the market.
<div id="attachment_359456" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.27.49-19-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359456" decoding="async" class="wp-image-359456 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.27.49-19-Dec-2023.png" alt="" width="3840" height="1300" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.27.49-19-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.27.49-19-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.27.49-19-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.27.49-19-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.27.49-19-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.27.49-19-Dec-2023-2048x693.png 2048w" sizes="(max-width: 3840px) 100vw, 3840px"></a>
 Source: Santiment
</div>
During that period, SOL did face quite some liquidation, but nothing was enough to stop the token from pumping. 
AMBCrypto’s analysis of SOL’s liquidation heatmap revealed that the token faced high liquidation at several levels, including $38, $53, $60, and $62.
<div id="attachment_359457" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-1-5.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359457" decoding="async" class="wp-image-359457 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-1-5.png" alt="" width="1482" height="736" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-1-5.png 1482w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-1-5-300x149.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-1-5-1024x509.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-1-5-768x381.png 768w" sizes="(max-width: 1482px) 100vw, 1482px"></a>
 Source: Hyblock Capital
</div>
<h4>The odds of Solana continuing this trend</h4>
To see whether <a href="https://ambcrypto.com/solana-becomes-the-most-sought-after-chain-for-this-reason/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">SOL</a> would end this year on a similar bullish note, AMBCrypto took a look at its daily chart. 
We found that both its Money Flow Index (MFI) and Chaikin Money Flow (CMF) registered upticks, increasing the chances of a continued uptrend. However, the MACD was concerning as it displayed the chances of a bearish crossover.
<div id="attachment_359458" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/SOLUSDT_2023-12-19_12-30-32.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359458" decoding="async" class="wp-image-359458 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/SOLUSDT_2023-12-19_12-30-32.png" alt="" width="1550" height="791" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/SOLUSDT_2023-12-19_12-30-32.png 1550w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/SOLUSDT_2023-12-19_12-30-32-300x153.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/SOLUSDT_2023-12-19_12-30-32-1024x523.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/SOLUSDT_2023-12-19_12-30-32-768x392.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/SOLUSDT_2023-12-19_12-30-32-1536x784.png 1536w" sizes="(max-width: 1550px) 100vw, 1550px"></a>
 Source: TradingView
</div>
Is your portfolio green? Check out the <a href="https://ambcrypto.com/calculator/solana-profit-calculator" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">SOL Profit Calculator</a>&nbsp;&nbsp;&nbsp;
More concerns were revealed after AMBCrypto checked Coinglass’ <a href="https://www.coinglass.com/currencies/SOL" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">data</a>. SOL’s Funding Rate was dropping at press time, meaning that derivatives investors were not buying SOL at its higher price. 
Solana’s Open Interest also waned, generally a sign of an upcoming trend reversal. At the time of writing, SOL was up by 8% in the last 24 hours and was <a href="https://coinmarketcap.com/currencies/solana/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">trading</a> at $75.8 with a market cap of over $32 billion.
<div id="attachment_359460" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-SOL.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359460" decoding="async" class="wp-image-359460 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-SOL.png" alt="" width="1732" height="397" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-SOL.png 1732w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-SOL-300x69.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-SOL-1024x235.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-SOL-768x176.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-SOL-1536x352.png 1536w" sizes="(max-width: 1732px) 100vw, 1732px"></a>
 Source: Coinglass
</div>

Solana pumps 8% in 24 hours: Will price prediction remain bullish?

AMBCrypto

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