Solana (SOL) experienced a significant price surge, rising by 7.01% over the past week and reaching a local high of $152. Analysts at HyblockCapital attribute this rally to increased buying pressure in the spot market, indicating strong demand for actual SOL tokens. However, perpetual futures data suggests divergence, with traders showing less bullish sentiment compared to spot buyers.
has experienced a sustained uptrend. In fact, as of this writing, Solana was trading at $146.88. This marked a 7.01% increase over the past week.
Despite these gains, Solana remains 43% below its ATH of $259.96. Therefore, the current market conditions raise questions about whether Solana is on the verge of a more sustained recovery and what’s driving the recovery. However, the analysts also pointed out that Perp CVD is showing divergence. This means that perpetual futures traders are showing signs of a different trend.
Therefore, since Spot CVD is the main driver, the price is being pushed by real demand for SOL. This usually indicates the potential for a more sustainable rally.Undoubtedly, the metrics highlighted by Hyblockcapital offer a promising outlook for Sol’s potential rally. Accompanied by prevailing market conditions, they could set Solana for more gains on price charts.
Solana Cryptocurrency Price Rally Buying Pressure Spot Market
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