Solana (SOL) has seen a 3% price rally over the past 24 hours, reaching around $164 on Friday, July 11, during the mid-North American session. This large-cap altcoin, with a fully diluted valuation of approximately $99 billion, has experienced a 62% surge in its daily average traded volume, now hovering around $7.9 billion.
Due to increased volatility, over $23 million was liquidated from Solana’s leveraged market, with short traders accounting for $16.7 million. At the same time, Solana’s Open Interest (OI) has seen a significant increase, reaching around $7.5 billion, in line with its volume of $16 billion, as reported by Coinglass market data analysis.
Solana Network Records High Supply vs Demand Shock
The Solana network has experienced a significant increase in on-chain activity, driven by growing demand from retail traders, whale investors, and corporations. The bullish sentiment surrounding Solana can be attributed to the supply vs. demand shock resulting from increased adoption by institutional investors.
Earlier on Friday, Upexi Inc. (NASDAQ: UPXI) announced that it had raised $200 million through a private placement of common stock and convertible notes to acquire more Solana for its treasury. According to Allan Marshall, the CEO of the company, Upexi plans to hold 1.65 million SOL coins, valued at $273 million by July 16.
Upexi is among the growing list of companies adopting Solana for treasury management, joining the likes of SOL Strategies.
Midterm Expectations for SOL Price
SOL price has been 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 upcoming days after breaking out of a resistance level around $158 in the last 48 hours.
