Currently, Solana is trading at $13.37, up $2.22 or (19.89%) in the last 24 hours but still down 5.89% across the previous week, as per Finbold data at the time of publication. In the last 24 hours, Solana has added over $840 million to its market worth, climbing from $4 billion to $4.83 billion in less than a day, according to data retrieved from CoinMarketCap. Interestingly, the CoinMarketCap crypto community is bullish on the near-term price of SOL. The collective estimate set the price of Solana at an average of $28.35 by December 31, 2022, according to the data retrieved on November 21.
SOL token heavily shorted
It is also important to note that the crypto market intelligence platform Santiment stated that trust in the DeFi asset has not yet been entirely restored in the cryptocurrency space. Per the platform, traders continue to short the asset heavily compared to most other cryptocurrencies. Santiment noted enormous short interest to Binance as SOL fell 63% in four days. Meanwhile, crypto data platform IntoTheBlock noted on November 21 the enormous decrease of over $900 million from total value locked in Solana DeFi protocols. Notably, over $900 million Solana was set to be unlocked on November 10, with the tokens at the time from the Solana stake accounting for 13% of the entire supply of the cryptocurrency. All in all, despite the outflow of staked SOL, Solana’s price can rebound if buyers come together and begin accumulating to drive the price over the $13.84 barrier. Invalidating the bearish thesis would be a consolidation above this level followed by a change in market structure as a higher. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
