Solana (SOL) has experienced a notable increase in trading volume and price following the recent US presidential election, which declared Donald Trump the winner.
SOL’s trading volume reached a three-month high of $9.2 billion, an increase of more than 150% from $3 billion before the election. In addition, the price of SOL increased by 14% in the last 24 hours, bringing it to around $187.
Increased interest in Solana during elections
According to data from Santiment, Solana’s on-chain volume increased significantly during the election period. This increase in volume indicates a growing interest in the cryptocurrency. When both the price and volume of a cryptocurrency increase, it usually indicates a strong market trend. If this trend continues, the price of SOL could rise further.
Increase in Open Interest
In addition to trading volume, Solana’s Open Interest (OI) also increased to $2.51 billion, the highest level since October 30. A high OI indicates that there is strong momentum behind the current market trend, suggesting that SOL’s price appreciation may continue.
Technical Analysis: Bullish Flag Pattern
On the daily chart, Solana has formed a bullish flag pattern, which typically indicates further price increases after a short period of consolidation.
After the breakout above the upper trendline of this pattern, the price of SOL may break the overhead resistance at $193.90. If this happens, the altcoin’s value could move closer to its all-time high of $260.
However, a decline below the $161.81 support could negate this positive outlook, resulting in a possible pullback to $141.98.
Conclusion
The recent election results and subsequent market reactions have led to a significant increase in both trading volume and Solana’s price. If these trends continue, it is possible that SOL will reach new heights. However, investors should remain cautious and monitor market developments closely.
Source: https://newsbit.nl/solana-volume-piekt-naar-92-miljard-kan-de-koers-van-sol-richting-260-stijgen/
