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Solana's (SOL) stablecoin supply has surged to $12 billion, driving liquidity and keeping SOL above $200. Despite market volatility, SOL has shown strength, with a 10% gain over the past month. However, a top analyst warns that $11.35 billion in short leverage could be squeezed at $245, requiring a 22.5% surge in price.
Key Bullish Signs:
- Stablecoin Supply: $12 billion, driving liquidity and supporting SOL's price.
- DEX Demand: Strong demand on decentralized exchanges (DEXs).
- SOL/BTC Chart: Close to a bullish turn, with investors moving into high-caps to hedge against Bitcoin (BTC).
- RSI: Far from overbought, indicating room for upward movement.
Challenges Ahead:
- Short Leverage: $11.35 billion in short leverage could be squeezed at $245, requiring a significant price surge.
- Market Volatility: SOL's price remains vulnerable to market swings.
Despite these challenges, Solana's on-chain data and futures traders' bets on a rise suggest a potential path toward $245. 13 replies
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