As a seasoned crypto investor with a knack for spotting trends and reading market signals, I’ve seen my fair share of bull runs and bear markets. The recent surge in Solana (SOL) has caught my attention, especially given its impressive performance amidst the broader crypto market cap reaching $1.12 trillion.
The combined value of cryptocurrencies not including Bitcoin totals approximately $1.12 trillion, with Solana being one of the top-performing alternative coins. As its market capitalization exceeds $112 billion, Solana has risen by a significant 45% over the past month.
In the rapidly expanding market, Solana is gaining popularity as Grayscale has filed for conversion of the Grayscale Solana Trust into an Exchange Traded Fund on the NYSE. This move has fueled a surge in trend momentum, leading to Solana’s price reaching a 24-hour high of $240.99, with a 24-hour volatility of 5.2% and a market capitalization of $110.90 billion. The volume over the past 24 hours was $10.07 billion.
Despite a brief dip, Solana’s price has returned to $233, indicating a slight retreat during the day due to decreasing buying interest.
Bullish Leverage Surge for Solana
Regardless of the temporary increase in Solana’s market price caused by Grayscale’s announcement, the initial burst of energy seems to have dissipated. The open interest is now at $5.61 billion, and the long position to short position ratio has decreased to 0.9316.
As an analyst, I find that the leading traders on Binance exhibit a highly optimistic outlook, with a 5.36 to 1 long-to-short ratio in their account holdings and a similar 3.09 to 1 ratio in their trading positions.
At present, the funding rate for OI (Open Interest) stands at approximately 0.0379%, which is substantially higher than the 0.0082% it was 30 days ago. This increase suggests that traders are becoming more optimistic, as they’re increasing their bullish bets on a potentially stronger market trend.
Whales Go Rampant
As an analyst, I’ve observed a noteworthy trend in the Solana (SOL) market. Despite somewhat modest figures on the derivatives side, four significant investors, often referred to as ‘whales’, are actively amassing SOL tokens at an aggressive pace. Over the past 24 hours alone, these whales have withdrawn a collective total of approximately 185,510 SOL tokens from their holdings.
100,010 SOL tokens valued at approximately $22.46 million were withdrawn from Binance Exchange by the whales, leaving behind assets totaling around $42.46 million in value. The single largest withdrawal represented a transfer of these valuable tokens.
Additionally, it’s worth noting that a significant entity (a “whale”) removed approximately 46,903 Solana (SOL) tokens valued at around $24.46 million. This transaction ranks as the third largest whale transaction, following another withdrawal of about 20,897 SOL tokens, which is equivalent to almost $5 million.
In summary, the latest large-scale withdrawal amounted to about 18,500 Solana (SOL) tokens, valued at approximately $4.2 million. This significant removal of tokens is likely behind the recent dramatic increase in the BNB token’s long position over Binance.
Nonetheless, the overall sentiment across the wider market is crucial for predicting the future direction of Solana’s price movement.
Polymarket Shows a 56% Chance of Solana ETF Approval
As a crypto investor, I’ve noticed a trend: Whales are steadily withdrawing substantial amounts of SOL tokens from Binance. This action has sparked increased interest in Solana ETF predictions on Polymarket. Intriguingly, the prediction suggesting Solana ETF approval by July 31, 2025, saw a significant increase of 56%, with a trading volume of $15,080.
On the Polymarket platform, the general optimism in the wider market is evident. This optimism, along with traders employing leverage to capitalize on the “hope rally,” suggests that Solana could soon experience a significant increase or explosion.
Keeping a watchful eye, if Bitcoin drops slightly to around $90K as some experts predict, it might lead to an extended period of sell-offs (liquidation) for Solana.
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2024-12-04 17:54