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<ul>
 <li style="font-weight: 400;">Solana’s market indicators revealed that the bulls were leading the market.</li>
 <li style="font-weight: 400;">SOL’s price dropped by 6% in the last 24 hours while the funding rate surged.</li>
</ul>
<a href="https://ambcrypto.com/search/Solana" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Solana [SOL]</a> has showcased impressive performance over the last few weeks as it gained a substantial amount of market capitalization. In fact, Santiment also mentioned Solana in its report, highlighting the same fact.
<h4>Solana joins the top 5 club!</h4>
Santiment recently uploaded a report highlighting the performances of the top coins over the last week. As per the report, SOL appears consistently at the top from 2023-12-18 to 2023-12-24, showing it has maintained high popularity throughout the week. 
Additionally, the report also mentioned that SOL witnessed a robust price hike and social volume despite facing stiff competition. Apart from SOL, Santiment also mentioned the performance of other best-performing coins, like INJ, in the report.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"> This past week saw several big trending tokens that shaped <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#crypto</a>. Monitoring the list of projects getting huge attention is key to optimizing your <a href="https://twitter.com/hashtag/altcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#altcoin</a> portfolio. Read our summary 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">$SOL</a>, <a href="https://twitter.com/search?q=%24INJ&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$INJ</a>, <a href="https://twitter.com/search?q=%24AMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$AMP</a>, and newcomers trending for the first time. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/QCj7ehuaTL" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/QCj7ehuaTL</a> <a href="https://t.co/Zzze7JPDWW" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/Zzze7JPDWW</a>
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1739851773404385297?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 27, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
As per <a href="https://coinmarketcap.com/currencies/solana/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a>, SOL was up by nearly 25% in the last seven days alone. The recent uptrend allowed the token to earn a spot on the top five cryptos list as it overtook XRP and BNB Chain [BNB]. 
At the time of writing, <a href="https://ambcrypto.com/solana-meme-trader-reaps-3800x-gains-how-about-you/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">SOL</a> was trading at $104.37 with a market capitalization of over $44 billion. Now, to better understand how SOL managed to achieve that, AMBCrypto checked the token’s daily chart.
 As per our analysis, SOL’s Bollinger Bands pointed out that the token’s price entered a high volatility zone.
<div id="attachment_360990" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/SOLUSD_2023-12-28_12-39-03.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360990" decoding="async" class="wp-image-360990 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/SOLUSD_2023-12-28_12-39-03.png" alt="" width="1815" height="791" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/SOLUSD_2023-12-28_12-39-03.png 1815w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/SOLUSD_2023-12-28_12-39-03-300x131.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/SOLUSD_2023-12-28_12-39-03-1024x446.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/SOLUSD_2023-12-28_12-39-03-768x335.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/SOLUSD_2023-12-28_12-39-03-1536x669.png 1536w" sizes="(max-width: 1815px) 100vw, 1815px"></a>
 Source: TradingView
</div>
Its MACD also revealed a clear bullish advantage in the market. However, after a comfortable uptrend, SOL’s Relative Strength Index (RSI) registered a downtick from the overbought zone. 
A similar trend was also seen in terms of its Chaikin Money Flow (CMF), which can cause a price correction in the days to follow. In fact, SOL was already down by 6% in the last 24 hours.
<h4>Is a further downtrend incoming?</h4>
Our analysis revealed that Solana witnessed an increase in sell pressure when its price reached the $127 mark. Soon after that, SOL started to go down and reached its lowest point of $109 this week.
<div id="attachment_360991" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-13.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360991" decoding="async" class="wp-image-360991 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-13.png" alt="" width="1482" height="736" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-13.png 1482w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-13-300x149.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-13-1024x509.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/newplot-13-768x381.png 768w" sizes="(max-width: 1482px) 100vw, 1482px"></a>
 Source: Hyblock Capital
</div>
Read <a href="https://ambcrypto.com/predictions/solana-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Solana’s [SOL] Price Prediction</a> 2023-24
The bad news was that while the token’s price dropped, its Binance funding rate increased. This meant that derivatives investors were actively buying <a href="https://ambcrypto.com/cryptic-user/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">SOL</a> at its lower cost. 
Nonetheless, the token’s social volume remained consistently high last week, reflecting its popularity in the crypto market. Whether Solana manages to maintain its spot on the top five list despite these setbacks will be interesting to keep an eye on.
<div id="attachment_360993" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.42.51-28-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360993" decoding="async" class="wp-image-360993 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.42.51-28-Dec-2023.png" alt="" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.42.51-28-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.42.51-28-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.42.51-28-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.42.51-28-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.42.51-28-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-SOL-12.42.51-28-Dec-2023-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: Santiment
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Solana: Should SOL investors be prepared for a price correction

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