Solana (SOL) Price Surges 3% to Reach $164
Solana (SOL) price experienced a 3 percent rally in the past 24 hours, reaching approximately $164 on Friday, July 11, during the mid-North American session. This large-cap altcoin, with a fully diluted valuation of around $99 billion, saw a 62 percent surge in its daily average traded volume, hovering around $7.9 billion at the time of writing.
With heightened volatility, over $23 million was liquidated from Solana’s leveraged market, with short traders accounting for $16.7 million. Additionally, Solana’s Open Interest (OI) witnessed a surge alongside its volume, reaching around $7.5 billion and $16 billion respectively, as per market data analysis from Coinglass.
Solana Network Sees High Supply vs Demand Shock
The Solana network has witnessed a significant increase in on-chain activity, driven by rising demand from retail traders, whale investors, and corporations. The bullish sentiment surrounding Solana can be attributed to the supply vs. demand shock fueled by increased adoption from institutional investors.
Recently, Upexi Inc. (NASDAQ: UPXI) announced a $200 million private placement of common stock and convertible notes to acquire more Solana for its treasury. Allan Marshall, CEO of Upexi, stated that the company aims to hold 1.65 million SOL coins, valued at $273 million by July 16.
Upexi is among the growing list of companies utilizing Solana for treasury management, joining the likes of SOL Strategies.
Midterm Outlook for SOL Price
SOL price has been gradually gaining bullish momentum in the daily and weekly timeframe, especially following Bitcoin’s surge above $119k for the first time in history. According to crypto analyst Ali Martinez, SOL price is targeting $180 in the near future after breaking out of a resistance level around $158 over the last 48 hours.