- Solana’s Exponential Rise: SOL continues its remarkable trajectory, growing an impressive 785% YTD and hitting a yearly high of $88.10.
- Potential Selling Concerns: The on-chain movement of significant SOL amounts has sparked selling concerns, signaling a possible bearish reversal despite the current bullish sentiment in the market.
Solana (SUN) It has recently shown an incredible rise and reached its highest price this year. According to current market data from CoinMarketCap, SOL is trading at $88.10, marking an impressive 10.5% gain over the last 24 hours. This surge continues Solana’s impressive growth trajectory, growing at an impressive 785% year-to-date (YTD).
On-chain activity raises liquidation concerns
While Solana’s meteoric rise is being celebrated, market observers are on the lookout for potential on-chain indicators that suggest a bearish trend ahead. In particular, market analytics platform Whale Alert flagged a significant number of transactions involving 582,198 SOL worth $50,983,065 during the transfer.
🚨 🚨 🚨 582,198 #brush Transferred (50,983,065 USD) from an unknown wallet to a new, unknown wallet https://t.co/foXyDuSJfK
— Whale Alert (@whale_alert) December 21, 2023
The inflow of funds from anonymous wallets to unregistered addresses has sparked speculation, suggesting possible over-the-counter (OTC) transactions. This significant move is the biggest change in Solana wallet activity recorded this week and has raised concerns about a potential selloff.
Read more: Solana’s Incredible Journey: From the Ashes to New Heights
Solana outperforms its competitors and moves up the rankings
Solana, which has recently surged, has surpassed XRP in market capitalization and secured the 5th place among the largest cryptocurrencies. Solana’s market cap remains at $37,737,499,927 compared to XRP’s $33,448,755,775, and the change in momentum reflects SOL’s rapid growth. Moreover, Solana’s dominance extends beyond XRP, leading to a surge in DeFi volume and surpassing Ethereum in overall DEX volume.
This surge in Solana performance is related to the BONK craze and inscriptions, which are contributing to optimistic sentiments across the network ecosystem. Recent developments in Solana market dynamics suggest that it will be an exciting yet cautious period for investors and traders closely monitoring price movements in SOL.
Also Read: Solana’s BONK Coin Surge: Expectations for Coinbase Listing to Fuel All-Time High