Solana Price Surge Secrets Revealed; What’s Solana Hiding From Us
The crypto market has dropped from its extreme greed zone, and the major cryptocurrencies are facing a major price fall. BTC price has lowered to the $66K mark, impacting the value of the rest of the cryptocurrencies as well. Despite the ongoing bearish vibe, the Solana price has hinted at an upward moment, alarming the investors for a potential price breakthrough.
So, what is happening with Solana? Why is the price up when the market is facing a correction? Let’s talk about that through this blog.
Solana Price Analysis
Solana price has surged to 190.98 after a 3% hike from yesterday. However, Solana is not at the best value, as it has previously surged to a high of $203.65 on the first of April before falling to a week low of $177.75.
The Solana market cap is also high, with a value of $84,952,022,592 after a 3% hike, whereas the trading volume is up by 19%, pushing the value to $4,700,226,340.
With the ongoing price hikes, Solana is just 28% away from its all-time high target of $260.06, which might happen this month if the bull market continues.
Top Reasons Why Solana Price Surged
Solana has been trending for days in the market, but the price fluctuations were not simple for the investors. As the Solana price aims for another $200, it questions the support of the token.
Solana Whale Accumulation
With a short glimpse of Solana getting over the $200 mark, the Solana whales have entered the market to play with bigger numbers. It all started on Monday when the whales made four huge SOL transactions.
The reports highlight the first transaction of 999,453 SOL ($189.55 Million), followed by another transaction of 1,895,729 ($361.7 Million). Later, two other whale transactions took place, carrying 1,096,940 ($209.29 Million) and 1 million Sol ($190 Million) tokens.
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Interestingly, these transactions were from an unknown whale wallet to another unknown wallet. After a while, another transaction of 149,999 Sol ($27.79 Million) took place on the Binance exchange.
Lastly, 146,121 SOLs (worth around $26.83 Million) were withdrawn from the Kraken exchange and deposited in an unknown wallet.
All these transactions have happened in short intervals and connect the dots for the Solana price surge.
Increased Solana Based Coins Activities
The demand for the Solana network has surged a lot in the last few weeks. According to DefiLlama’s March data, the monthly trading volume of decentralized exchanges contained within the Solana network has surged above $60 Billion, 172% higher than the previous decentralized volume.
For this surge, meme coins like dogwifhat and Book of Meme are the most responsible, where dogwifhat has surged above 179% and BOME surged 1873% in March.
As a result, the transaction fees collected on the Solana network in March came to around $69 million after a 431% hike from the $13 Million collected before that.
Conclusion
Solana price has maintained momentum, and the whale involvement could lead to a price surge about the $200 mark again. Though the market is mimicking high selling pressure, it has to see what can be Solana’s next move between the selling pressure and withdrawals.
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