Solana Price Surges 5% Amid Major Short Liquidations

Solana price surges 5% on a daily chart, increasing its value by around $90. The upward momentum in the cryptocurrency was witnessed after it broke a long consolidation pattern formed during the last few weeks.

Solana Price Analysis

According to CoinMarketCap, Solana’s price is trading at around $89.31 with a spike of 4.97% in the last 24 hours. The cryptocurrency currently holds a staggering market capitalization of around $51.31 billion, which makes it the seventh biggest cryptocurrency in the world.

Volatility Fears Remain

There is a high chance of volatility around the current highs. This price analysis is leaning toward shorting on any upward momentum. At present, there is a recommended dollar cost averaging short zone between $89.60 and $90.40.

Short Liquidations and ETF Inflows

According to Coinglass, Solana futures markets have witnessed around $23.27 million in total liquidations in the last 24 hours. In this liquidation, approximately $3.41 million in long positions were liquidated, and $19.85 million in short positions were liquidated.

• $23.27 million in total liquidations
• $3.41 million in long positions liquidated
• $19.85 million in short positions liquidated

ETF Inflows Data

According to Farside data, on April 15, Solana ETFs recorded net inflows of around $5.3 million. This was led by Bitwise BSOL with $3.2 million, Fidelity FSOL with $1.5 million, and Grayscale GSOL with $0.6 million.

Technical Indicators and Bullish Momentum

According to TradingView, the Relative Strength Index over the period of 14 days is currently revolving around 67. This confirms the buy conditions with strong upward momentum, entering into the overbought territory.

Moving Averages

Moving averages around different timeframes are confirming the bullish momentum in SOL as the current price is trading above all major lines. The 5-day moving average is sitting at $88.860, the 10-day at $87.240, the 20-day at $86.227, the 50-day at $84.885, and the 100-day at $84.436.

Key Takeaways

• Solana price surges 5% on a daily chart, increasing its value by around $90
• The cryptocurrency currently holds a market capitalization of around $51.31 billion
• Short liquidations and ETF inflows are driving the price momentum
• Technical indicators confirm the bullish momentum in SOL

Frequently Asked Questions

What is the current Solana price?

The current Solana price is trading at around $89.31 with a spike of 4.97% in the last 24 hours.

What is driving the Solana price momentum?

Short liquidations and ETF inflows are driving the price momentum, with approximately $23.27 million in total liquidations in the last 24 hours.