Solana (CRYPTO: SOL) shot up on Wednesday, buoyed by a broader cryptocurrency rally and hype around Kanye West’s new meme coin.
A Look At Solana’s Key Indicators
The sixth-largest cryptocurrency by market capitalization lifted over 3% in the last 24 hours, with trading volume surging 21% to $6.65 billion.
The rally excited derivatives traders, with open interest in SOL futures rising 2% over the last 24 hours to $9.25 billion, according to Coinglass. Interestingly, over 70% of Binance traders with open SOL positions were bearish on the cryptocurrency, as seen from the Long/Short ratio.
Meanwhile, the 10-day momentum indicator, which measures the rate of price …