Impressive Gains and Market Capitalization

Solana posted impressive gains after falling below the $90 level on January 8, and the RSI is indicating strong upward momentum.

Solana (SOL) stock is up 14% in the past 24 hours and is trading at $101.50 at the time of writing. The asset’s market capitalization rose to $43.8 billion, approaching BNB’s market cap of $46 billion again.

Increased Trading Volume and Open Interest

Furthermore, Solana’s 24-hour trading volume registered a 43% increase to $4.1 billion.

According to data from Santiment, total open interest (OI) in Solana perpetual futures rose by 6.5% over the past 24 hours – currently at $944 million.

Data from the market intelligence platform shows that more than 50% of SOL investors are betting on another price increase. According to Santament, Solana’s funding rate across all trading platforms is 0.01% at the time of reporting.

RSI and Expected Price Fluctuations

Moreover, Solana’s Relative Strength Index has risen slightly over the past 24 hours – rising from 35 to 37. The indicator indicates that the fifth-largest cryptocurrency is rising steadily while small price fluctuations are expected.

Solana’s RSI must stay below 50 to maintain its upward momentum.

Solana’s Growing Developer Community

On January 8, the Solana Foundation released its developer report, which indicates that the ecosystem currently has between 2,500 and 3,000 active developers.

The report suggests that one of the main reasons behind the increase in Solana developers could be the Solana Hyperdrive Hackathon. According to the Solana Foundation, the company added 41 jobs in December 2023 alone.