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Amid Solana’s (<a href="https://crypto.news/price/Solana/">SOL</a>) recent bullish momentum, the asset’s market cap reached a 21-month-high. 
SOL is up by 1.5% in the past 24 hours and is trading at $117 at the time of writing. The asset’s total market capitalization currently stands at roughly $50 billion — briefly touching $53.4 billion on Dec. 26. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="347" src="https://crypto.news/app/uploads/2023/12/Solana-SOL-11.16.30-26-Dec-2023-1024x347.png" alt="Solana’s market cap surpasses $50b, more investors longing - 27" class="wp-image-14231414">
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 SOL price, social volume, open interest, Binance funding rate and RSI – Dec. 26 | Source: Santiment
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</figure> 
Solana’s 24-hour trading volume also increased by 22%, surpassing the $6 billion mark. 
According to data provided by the market intelligence platform Santiment, the total open interest (OI) in <a href="https://crypto.news/200k-sol-transferred-to-binance-price-decline-underway/">SOL</a> has witnessed a $2 million decline in the past 24 hours — currently standing at $1.435 billion.&nbsp; 
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Despite the slight decline in Solana’s total OI, Santiment data shows that the long-position holders are increasing. 
SOL’s Binance funding rate rose from 0.01% to 0.06% over the past day, showing a slightly bigger dominance of long futures contracts, per the market intelligence platform.&nbsp; 
On the other hand, Solana’s social volume declined by 19% over the last 24 hours. The decline comes as the broader crypto market sees a correction. 
Solana’s Relative Strength Index (RSI) also rose with the recent price surge. According to Santiment, the asset’s RSI currently stands at 87, suggesting the possibility of a price decline since an incoming selling pressure could be triggered. 
If SOL’s RSI remains below the 65 mark, analysts expect a potential price surge. 
On Dec. 25, the number of Solana daily active addresses <a href="https://crypto.news/solana-hits-records-for-monthly-new-and-active-addresses/">surpassed</a> 15.6 million unique wallets, recording a 50% rise since November. 
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Solana’s market cap surpasses $50b, more investors longing

crypto.news

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