Solana [SOL] has been fairly popular lately, with its ecosystem continuing to expand. In fact, the rise in adoption has also allowed the...
has been fairly popular lately, with its ecosystem continuing to expand. In fact, the rise in adoption has also allowed the blockchain to hit new highs on multiple fronts recently.
Hence, it’s worth investigating whether these developments will have any impact on the token’s price action or not. Solana locked in DeFi, including liquid staking, has now soared to a record-breaking 36 million SOL. This is a major development as the aforementioned number is an ATH for the network.that Coinbase listed one of Solana’s DePIN tokens – io.net. That’s not all though as according to anotherThese figures surpassed the annual volumes of 2022 and 2023 – Another sign of how popular SOL is among investors.
AMBCrypto then planned to have a closer look at the token’s state to find out whether the aforementioned achievements will have a positive impact on SOL’s price. As per our analysis, the token’s trading volume dropped while its price rose. Such incidents suggest that a bull run might not last. Solana’s weighted sentiment also fell, indicating an uptick in bearish sentiment around the token.was sitting in the “greed” position. When this metrics hit that level, it means that the chances of a price correction may be high., SOL’s netflows turned negative too. Whenever figures for the same fall into the negative zone, it means that buying pressure is high.
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