Solana’s Long-Term Accumulation Strategy Pays Off
The post Solana’s Long-Term Accumulation Strategy Pays Off appeared on BitcoinEthereumNews.com.
On a busy Friday in the crypto world, Bitcoin and Ethereum saw a significant boost in trading. Bitcoin briefly hit $58,400 before settling around $57,800, while Ethereum approached its recent high of $2,450. This activity led to a spike in leveraged and margin trades, with Bitcoin’s open interest reaching $12.2 billion and Ethereum’s hitting $5.36 billion. Investors jumped in, eager to take advantage of the short-term positive trends in these top cryptocurrencies. But amid this frenzy, one asset is quietly making its moves—Solana (SOL). Solana’s Quiet Climb Amidst the excitement around Bitcoin and Ethereum, Solana (SOL) is quietly making progress. While Bitcoin and Ethereum surged, Solana rose above $140, avoiding the speculative frenzy. Santiment sees this calm behavior as a positive sign, suggesting steady accumulation and the potential for a strong rally ahead. 🤑 Crypto’s big Friday led to Bitcoin and Ethereum seeing enormous new trader leveraged and margin trades opening up on exchanges. However, Solana’s own return above $140 is seeing very little. Consider this a bullish sign for SOL, as euphoric traders are looking elsewhere. pic.twitter.com/P07VBvAdOp — Santiment (@santimentfeed) September 14, 2024 Currently, Solana is trading around $139, showing a 2.75% increase in price over the last 24 hours. Its trading volume also went up by 2.5% during this period. While these gains seem small compared to the wild swings of Bitcoin and Ethereum, Solana’s steady activity might mean traders are preparing for a longer-term breakout. Santiment believes that Solana’s lack of hype could set it up for a more sustainable rally. Key Levels to Watch for Solana The $140 mark is a crucial resistance level for Solana. If SOL can stay above this level and close its daily candle strongly, it could see further gains, potentially reaching $160 next week. However, this bullish outlook depends on Solana…
Filed under: News - @ September 14, 2024 1:19 pm