Solana gains traction after Solana-Bitcoin cross-chain announcement.

The price of SOL has increased by 4% in the past 24 hours and is currently at $129.9. Its market cap has exceeded $58 billion, and the daily trading volume stands at $4.1 billion. There has been a decrease in open interest, potentially indicating reduced price volatility and liquidations.

Data from a market intelligence platform reveals that the ratio of long to short trading positions on Binance has halved since April 29, as SOL’s price has been on a downward trend. This suggests an increase in trading contracts betting against a price increase. According to Santiment, the SOL Relative Strength Index (RSI) has risen from 43 to 50 in the past 24 hours.

This indicates that the asset is currently neither undervalued nor overvalued due to the bearish market conditions. To remain in a bullish zone, SOL’s RSI would need to stay below the 50 mark. An RSI exceeding 50 could suggest higher price volatility and potential whale manipulation.

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