- Currently, Solana is up by more than $62.
- This is better than the price of more than 1.5 years ago.
The Solana token is showing a lot of personality in the market with the massive price increases. So, the amount of increases is beyond the expectations of analysts. Let’s dive deep into a recent achievement from the SOL token.
Solana Reaching New Peaks
- Solana is one of the tokens that is surprising many investors in the market. So, one of the things to note is the connection between the Solana token and FTX. With the connection between these two, many investors thought it would have an incredibly negative effect on Solana’s price. So, the latest price analysis shows Solana is doing extremely better than expectations. It is following the steps of their top cryptocurrencies, such as Bitcoin and Ethereum, in increasing to massive heights. So, the recent bullish rally of this token helped it grow to a new level.
Solana Breaks Above $50 For The First Time In 1.5 Years
- For the first time in more than 1.5 years, the Solana token is increasing to more than $50. This is quite massive as it shows the amount of progress this token continues to make, even in the face of challenges. Another thing to note is how traders and investors are handling the situation. According to data from Coinglass, there was a massive liquidation of more than $17 million in short positions. So, the thing is that the manner through which these traders exited their shirt positions was positive.
- Immediately, the price of the Solana token moved beyond the $45 level; these traders exited their short positions. So, this is an indication that these traders are taking profits in a controlled manner without impacting the ongoing uptrend. Furthermore, this shows there’s less likelihood of a sudden increase in selling activity if SOL encounters resistance at higher levels. So, the reason is that the short traders are already out of the market at the moment. Opening a short position isn’t a feasible option right now, as there’s no selling pressure.
What Next For the SOL Token?
- The short position wasn’t the only highlight of the market; there were also other things. So, there were also liquidations in the long position of this token. During the price surge of this token, there was a liquidation from the long positions amounting to a whopping $11.5 million.
- Moving on to the price, this token has done even better than the expectations. So, at the time of writing, the Solana token is up by more than 22% in 24 hours at around $62.
Conclusion
The Solana token is doing quite better than the expectations of many analysts. So, the current increase in price is taking it back to 2021, which is a very big development. However, a positive is how traders are handling the situation by not engaging in massive shorting.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
