Solana recorded impressive gains after dropping below the $90 mark on Jan. 8, and its Relative Strength Index suggests strong bull momentum.
Solana (SOL) is up by 14% in the past 24 hours and is trading at $101.50 at the time of writing. The asset’s market cap surged to $43.8 billion, getting close to BNB’s $46 billion market capitalization again.
Moreover, Solana’s 24-hour trading volume registered a 43% increase, reaching $4.1 billion.
According to data from Santiment, the total open interest (OI) in Solana’s perpetual futures contracts increased by 6.5% over the past 24 hours — currently at $944 million.
Data from the market intelligence platform shows that more than 50% of the SOL investors are betting on a further price hike. Per Santiment, Solana’s funding rate from all trading platforms is at 0.01% at reporting time.
Furthermore, Solana’s RSI slightly increased in the past 24 hours — rising from 35 to 37. The indicator suggests that the fifth-largest cryptocurrency is steadily rising while small price fluctuations are expected.
Solana’s RSI must stay below the 50 mark to maintain its bullish momentum.
On Jan. 8, the Solana Foundation released its developer report stating that the ecosystem currently has between 2,500 and 3,000 active developers.
The report states that one of the main reasons behind the increase in the Solana developers could be the Solana Hyperdrive Hackathon. According to the Solana Foundation, the company added 41 jobs in December 2023 alone.
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