Solana gains momentum following Solana-Bitcoin cross-chain announcement

As an experienced analyst, I’m keeping a close eye on Solana (SOL) following the recent bullish momentum fueled by Zeus Network’s plans to connect it with the Bitcoin blockchain. The asset’s 4% surge in the past 24 hours, with its current trading price at $129.9 and market cap surpassing $58 billion, is an interesting development.

The price of Solana (SOL) is surging due to exciting news that it will be linked with the Bitcoin blockchain through the Zeus Network’s plans.

In the last 24 hours, SOL has experienced a 4% increase in value and is currently priced at $129.9. Its market capitalization now exceeds $58 billion, while its daily trading volume amounts to a substantial $4.1 billion.

Solana gains momentum following Solana-Bitcoin cross-chain announcement

Based on Santiment’s data, the total open interest for Solana (SOL) has seen a consistent decrease over the last 10 days. The figure dropped from $1.63 billion on April 22 to $1.35 billion as of the latest update.

The declining open interest could potentially indicate less price volatility and liquidations.

Additionally, information from the market intelligence tool indicates that the proportion of long to short bets on Binance regarding Solana (SOL) has been significantly reduced by half since late April. This trend suggests an increased number of traders are wagering against a potential price increase for SOL.

According to Santiment’s analysis, the SOL Relative Strength Index (RSI) increased from 43 to 50 within the last 24 hours. This indicates that the asset is currently neither underpriced nor overpriced at its current value level, considering the prevailing bearish market climate.

As a researcher studying the Stock Order Listing (SOL) market, I would advise that for it to maintain its bullish stance, the Relative Strength Index (RSI) should ideally remain below 50. A reading above 50 might indicate heightened price volatility and potentially, instances of whale manipulation in the market.

As a crypto investor, I’m excited about the bullish outlook for Solana (SOL). This optimism stems from Zeus Network’s recent announcement that they might adopt Solana as the Layer 2 solution for various blockchains. They plan to achieve this through ZPL (Zeus Program Library) and assets built on top of Solana’s permissionless communication layer. In essence, I believe Solana could become a significant player in the blockchain ecosystem by offering scalable solutions for other projects.

Users can transform their cryptocurrencies, such as Bitcoin, into equivalent tokens on the Solana platform, like zBTC, enabling them to interact with the Solana ecosystem according to the announcement.

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2024-05-02 09:50