Solana

On May 20, 2024, the majority of top cryptocurrencies, including Bitcoin, Ethereum, Binance Coin, and others, are struggling to gain momentum. Amid this, the world’s 5th biggest cryptocurrency, Solana (SOL), has gathered massive attention from crypto enthusiasts as its price has soared impressively. Solana outperforms BTC, ETH, and BNB 
Today, Solana (SOL) is trading near $177, and in the last 24 hours, it has experienced an impressive price surge of over 3%. Looking at the performance of SOL over a longer period, in the last 7 days it has outperformed BTC, ETH, and BNB, experiencing a price surge of over 25%. In the last 30 days, SOL has seen a 26% upward momentum, according to data from CoinMarketCap.
Besides the SOL price surge, theTotal Value Locked (TVL) on the Solana blockchain has increased by over 3% in the last 24 hours, 16% in the last 7 days, and 27% in the last 30 days. This continuous TVL increase highlights investors’ and traders’ interest in the Solana blockchain and the SOL token. In the last 24 hours, the Open Interest (OI) data has also increased by nearly 6%, which further indicates strong investor confidence in SOL. 
The surge in OI and TVL highlights the strong interest in SOL following the breakout of bullish inverted head and shoulder price action patterns. Additionally, an on-chain transactions tracker, Whale Alert, recently posted on X (previously Twitter) that over 11.04 million SOL, worth $1.9 billion, were transferred from an unknown wallet to another unknown wallet. Earlier, Todayq News reported on May 16, 2024, that more than 132k new tokens were created on the<a href="https://news.todayq.com/solana-price-skyrocket-15-following-these-developments/" rel="noopener noreferrer nofollow"> Solana blockchain </a>in just 7 days. Solana technical analysis and key levels 
According to expert technical analysis, SOL is looking bullish and is heading toward the $200 level. On May 16, 2024, SOL experienced a breakout, and since then it has surged nearly 10%. Additionally, today SOL gave a candle-closing above the past 2 days of consolidation, which may lead to a price increase of over 14% in the coming days.
Besides Solana’s bullish outlook, Solana-based tokens WIF, GRT, PYTH, and RAY have also experienced significant price surges of over 7%, 3%, 8%, and 10%, respectively, in the last 24 hours.

Solana soars 5% as BTC and ETH continue to struggle

Todayq News

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