Solana Price Surges 45% to $23.8 - Buy This Coin Now For Quick 3x Gains Ahead?
Solana price prediction has turned bullish at $22.45 following a gain of nearly 35% in 24 hours and almost 70% in the previous seven days. This surge in the price of Solana can be attributed to the increasing demand for decentralized finance (DeFi) projects and the growing popularity of the Solana blockchain network.
The Solana blockchain provides a high-speed, low-cost platform for developers to build decentralized applications (dApps). Its scalability, speed, and affordability make it an attractive option for DeFi projects that need to process large amounts of transactions quickly and at a low cost.
With its recent surge in price, many investors are now looking at Solana as an attractive investment opportunity.
On-chain analytics firm Santiment speculates that a "short squeeze" may have contributed to Solana's meteoric price increase. A "short squeeze," in layman's terms, is a sudden surge in the price of an asset due mostly to heavy short selling.
Santiment noted, "Solana has broken the $22 mark and has nearly tripled since bottoming off around $8 two weeks ago, Shorts pushed the bounce."
According to the on-chain analytics firm, traders on Binance have consistently shown a bearish bias toward Solana since the beginning of this month. The article noted that as the price of SOL bottomed out on December 30th, even greater ratios of SOL shorts began to open. Since its low point, the price of SOL has risen by 170%.
Despite the fact that an estimated 50 million Solana coins are stuck in cryptocurrency exchanges FTX's Chapter 11 proceedings, Citi Research reported Thursday that activity on the Solana blockchain is still high. According to the analysis, this has drastically decreased the available cryptos and raised the level
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