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What Is Going On With Solana?

Published 05/03/2024, 20:52
Updated 05/03/2024, 22:10
© Reuters. What Is Going On With Solana?

Benzinga - Solana (CRYPTO: SOL) has been on an uptrend since October 2023, gaining 21% in the past week.

What Happened: Solana is down 1.4% in the past 24 hours, trading around $127 at the time of writing.

In a volatile Tuesday trading session, Solana peaked at $142.45, briefly surpassing the market capitalization of the BNB Chain.

Trading volumes in the past 24 hours have surged by 75.5% to $6.9 billion, significantly ahead of BNB’s trading volume of $2.8 billion per CoinMarketCap data.

Solana announced token extensions on its X (formerly known as Twitter) account on March 1. The tweet added that token extensions on Solana "unlock new use cases for enterprises and businesses that were not previously possible on public blockchains.”

Read Also: Top Solana Ecosystem Coins by Market Cap in 2024

Why It Matters: DefiLlama data showed Solana’s total value locked at $2.7 billion, compared to $1.67 billion exactly one month ago, with the highest contributions by Marinade ($1.4 billion), Jito ($1.12 billion) and Marginfi ($649 million).

Based on the Benzinga Labs technical chart, the current price of Solana is significantly higher than the 50 Day Simple Moving Average (SMA) at 104.19 and 100 Day SMA at 94.39, a bullish signal for the altcoin.

Heavily-followed cryptocurrency trader CryptoKaleo expects another leg up for Solana:

Bitcoin trader CryptoFaibik tweeted “$SOL is breaking out of Bullish Pennant on the 1h timeframe Chart..!! $150 incoming soon.”

As the crypto community awaits an Ethereum ETF, bullish sentiment will continue to prevail in the markets, which could further fuel the Solana rally.

Read Next: Solana's BONK, PPBLZ, Popcat Join Memecoin Frenzy Led By Doge, Shiba Inu As Bitcoin Nears All-Time High

Photo: Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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