CandleFocus Solana Volume Soars to $8 Billion Amid Trump Win: What It Means for SOL Price
2024-11-06
Author: Content Editor
The volume of Solana (SOL) has reached a three-month high of $8.33 billion following reports of Donald Trump winning the US presidential elections. This has led to an 11% increase in the altcoin's price within the last 24 hours. On-chain analysis suggests that this significant increase in volume may continue to drive up SOL's price. Additionally, Solana's Open Interest (OI) has also seen a significant increase, reinforcing the current trend. The altcoin has also formed a bullish flag pattern on the daily chart, indicating further upward movement. If SOL's price continues to rise alongside the volume, it could climb well above its current value and potentially reach its all-time high of $260. However, a decline below the support level and decreasing volume may invalidate this bullish thesis, potentially leading to a drop in value to $141.98.
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