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Solana (SOL) has recently surged ahead of Ethereum (ETH), capturing the attention of investors and traders alike. This unexpected shift raises a tantalizing question: Could this be the start of a major bull run for Solana?
Solana’s Current Market Overview
Solana is trading at $154.40 with a 24-hour volume of $2.68 billion. Its market cap currently stands at $72.54 billion, with a slight 0.60% drop in price. There are 469.8 million SOL coins in circulation.
The Relative Strength Index (RSI) of Solana is at 59.60, indicating mild upward momentum without reaching the overbought threshold of 70. The Moving Average Convergence Divergence (MACD) shows a bullish crossover, suggesting possible price increases.
Solana’s Derivatives and Trading Insights
In derivatives, Solana’s trading volume has fallen by 21.13%, but open interest has increased by 1.16%. This signals rising market engagement despite lower trading activity. Liquidations in the past 24 hours have seen $7 million erased, with short positions suffering $5.33 million in losses, emphasizing the volatile nature of the market.
Ethereum’s Market Performance
Moving to Ethereum, its price stands at $2,604.31, with a minor decline of 0.45% over the past 24 hours. The market cap is $313.52 billion, supported by a trading volume of $19.07 billion. Ethereum’s circulating supply is 120.39 million ETH coins. The RSI for Ethereum is around 48, which suggests a neutral market condition, neither overbought nor oversold.
Read also: Crypto’s 2024 Winners: Sui, Bitcoin, Solana, and Ethereum Surge
Ethereum’s Derivatives Market Dynamics
Ethereum’s derivatives have experienced a 32.07% drop in trading volume, but a slight 0.94% rise in open interest indicates enduring market engagement. The long/short ratio in derivatives points to a bullish sentiment among traders, despite the market facing $28.19 million in liquidations, mostly from long positions in the last day.
Future Price Predictions
Changellyblog experts forecast that Solana may reach a high of $154.79 and dip to $140.69 by December 2024, with an average price likely around $147.74. For Ethereum, the maximum trading value could hit $2,634.51, with a potential low of $2,486.54, averaging at $2,560.53.
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