Solana’s market cap surpasses $50b, more investors longing

Amid Solana’s (SOL) recent bullish momentum, the asset’s market cap reached a 21-month-high.

SOL is up by 1.5% in the past 24 hours and is trading at $117 at the time of writing. The asset’s total market capitalization currently stands at roughly $50 billion — briefly touching $53.4 billion on Dec. 26.

Solana’s 24-hour trading volume also increased by 22%, surpassing the $6 billion mark.

According to data provided by the market intelligence platform Santiment, the total open interest (OI) in SOL has witnessed a $2 million decline in the past 24 hours — currently standing at $1.435 billion. 

Despite the slight decline in Solana’s total OI, Santiment data shows that the long-position holders are increasing.

SOL’s Binance funding rate rose from 0.01% to 0.06% over the past day, showing a slightly bigger dominance of long futures contracts, per the market intelligence platform. 

On the other hand, Solana’s social volume declined by 19% over the last 24 hours. The decline comes as the broader crypto market sees a correction.

Solana’s Relative Strength Index (RSI) also rose with the recent price surge. According to Santiment, the asset’s RSI currently stands at 87, suggesting the possibility of a price decline since an incoming selling pressure could be triggered.

If SOL’s RSI remains below the 65 mark, analysts expect a potential price surge.

On Dec. 25, the number of Solana daily active addresses surpassed 15.6 million unique wallets, recording a 50% rise since November.