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Solana (SOL) Continues to Make Fresh Highs on Pumped Up Volume

Solana (SOL) Continues to Make Fresh Highs on Pumped Up Volume

Nick Cawley, Strategist

Solana (SOL/USD) Price, Chart, and Analysis

  • Solana (SOL) has soared from around $2 at the start of the year to just over $82.
  • Osprey file for a private Solana Fund in the US.
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The cryptocurrency market is currently trading in a sideways zone, with a slight bias to the downside, consolidating the heavy gains seen over the last few weeks. Further news of adoption by major US banks – unconfirmed media reports suggest that Citi is the latest bank said to be considering trading Bitcoin futures on the CME – is seemingly underpinning Bitcoin, and the market as a whole, and the latest period of consolidation may prove to be a springboard for higher prices.

One crypto that is moving sharply higher is Solana. The 10th largest cryptocurrency by market capitalization, Solana (SOL), has surged in excess of 20% in the last 24 hours, comfortably outperforming most of its peers. Trading volume is up over 136% over the last day as the coin continues to record new highs.

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One reason said to be behind the latest surge is cryptocurrency fund Osprey filing for a private Solana fund with the SEC earlier in the week. Osprey funds already run a Bitcoin and Polkadot fund, along with an Algorand Trust that provides exposure to the ALGO token. According to the Osprey website, these funds ‘provide secure, low-cost, easy access to digital assets’ adding that they are ‘available from your brokerage account or in your IRA’. Grayscale Investments is also considering adding Solana to its product family, along with another twelve other assets.

Solana started 2021 at around $2 and has seen a surge in volume and price over the last eight months. Recent price action, along with the increase in market turnover, suggests that buyers continue to control price action with the recent block of trading between $65 and $80 with the lower number forming a short-term level of support. With Solana having more than doubled in August there may be some profit-taking in the short-term at these levels although the Osprey news may well underpin SOL in the coming weeks and months.

Solana Daily Price Chart August 27, 2021

Chart via TradingView

What is your view on Solana – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.