Solana briefly dislodged BNB to become the fourth-largest cryptocurrency, only to drop back to the fifth position some hours later.
It was nothing short of a roller coaster ride in the last 24 hours for one of the biggest cryptocurrencies,However, the stay at the fourth position was brief as Bitcoin’s sharp correction triggered a knock-on effect on the broader altcoin market. SOL fell 18% from the aforementioned high within the next few hours, with dip-buying causing a recovery to $130.SOL also recorded $9.5 billion in trading volumes in the 24-hour period, more than double what it was in the day prior.
That being said, a lot of traders were still bullish on the asset, as indicated by the positive funding rate on Binance.SOL whales had a higher long exposure that retail as of this writing, as per AMBCrypto’s reading of Hyblock Capital data. Interestingly, whales were not particularly bullish on SOL in the days preceding these occurrences, as illustrated below.. This could be due to SOL’s flat trajectory. However, the volatility in the last 24 hours prompted these large investors to increase their longs.That being said, the market transitioned from a mood of “Extreme Greed” to “Greed”. The cool-off indicated scope of further gains in the days ahead.
Additionally, there was no noticeable spike in mentions for SOL in top crypto-focused social channels, suggesting tepid interest from retail.Aniket is a full-time journalist at AMB Crypto. With experience in news publishing and content management, he is now increasingly tangled up in the web of cryptocurrencies and blockchains. His focus lies on the intersection between cryptos and traditional finance. He prefers DC over Marvel, cats over dogs and Hyderabadi Biryani over Kolkata Biryani.
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