Solana is trading at pre-FTX levels again

The price of SOL has increased by more than 60% in the last 30 days.
It is now trading at the highest price level since November 2022.

Solana [SOL] has seen the most growth among the top ten crypto assets in terms of market capitalization over the past month, with its price rising by more than 60%, according to data from Messari.

The price of major ecosystem tokens has been rising lately.

Solana in particular has experienced a price increase of almost 55% in the last 30 days.

Major ecosystem screener: https://t.co/TPNhzaeln4 pic.twitter.com/EXbjvQvO79

— Messari (@MessariCrypto) October 23, 2023

Is your portfolio green? View the SOL Profit Calculator

This achievement comes amid a broader crypto market recovery Bitcoin [BTC] And Ethereum [ETH] over the same period we also see gains of 30% and 15% respectively.

The demand for SOL is increasing enormously

At the time of writing, the price per SOL coin was $32. The last time the altcoin traded at this price level was in November 2022, according to data from CoinMarketCap.

Source: CoinMarketcap

The bullish momentum that has characterized the overall crypto market in recent weeks has resulted in a growth in trading activity around SOL. According to data from Santimentthe coin’s daily trading volume has increased by more than 30% since October 16.

At the time of writing, SOL trades worth over $1 billion have been completed in the past 24 hours, marking the highest daily trading volume since July.

Source: SOL/USD on TradingView

Momentum indicators observed on a daily chart showed that SOL accumulation has significantly exceeded distribution among spot traders.

For example, the coin’s Relative Strength Index (RSI) and Money Flow Index (MFI) were set at 76.59 and 87.73 respectively at the time of writing.

These values suggested that buying activity exceeded profit-taking activity, hence the continued rise in SOL’s price. However, it should be noted that the values of these indicators also suggested that the alt was overbought and in need of correction.

The coin’s Chaikin Money Flow (CMF) – which measures the buying and selling pressure for a crypto asset – was 0.10 at the time of writing. A positive CMF value is a sign of strength in the market and indicates the inflow of much-needed liquidity.

This is good because the provision of more liquidity makes it easier for buyers and sellers in the spot market to execute trades at the prices they want, potentially reducing price volatility.

How much are 1,10,100 SOLs worth today?

Furthermore, SOL’s Average Directional Index confirmed the strength of the current uptrend. At 39.02 at the time of writing, the uptrend was strong. This meant that the price of SOL was moving in a clear direction, and there was a lot of bullish momentum behind the trend.

The positive direction indicator (green) at 40.60 also rested above the negative direction indicator (red) at 5.7. This suggested that the power of the buyers was greater than that of the sellers.