Solana (SOL) Price: X Platform Feature Puts SOL Tokens in the Spotlight
TLDR
- Solana (SOL) price climbed 2% on Monday, trading above $142 after bouncing from the 50-day EMA at $136
- US spot SOL ETFs recorded $41.08 million in inflows last week, marking eight consecutive weeks of institutional buying
- Solana launched a privacy-focused hackathon on Monday with $75,000 in rewards for private payment solutions
- X platform introduced Smart Cashtags featuring Solana tokens like $BONK, allowing users to view live charts and price data directly in posts
- SOL futures open interest rose 4.90% to $8.58 billion in 24 hours, with short liquidations of $12.61 million outpacing long liquidations
Solana (SOL) traded higher on Monday, gaining 2% and pushing past the $142 level. The price movement comes after a bounce from technical support at the 50-day exponential moving average of $136.
Solana (SOL) Price
US spot Solana exchange-traded funds attracted $41.08 million in net inflows during the past week. This marks the eighth straight week of positive flows into these investment products. The continued buying from institutional investors shows steady demand for SOL exposure through regulated financial products.
The blockchain network launched a new hackathon on Monday focused on privacy features. The Privacy Hack event offers $75,000 in total rewards across three categories. Developers can compete in private payments, launchpad projects, and an open track for other privacy-focused applications.
Submissions for the hackathon will close on February 1. Winners will be announced on February 10. The event aims to bring privacy capabilities to Solana similar to those found in other privacy-focused cryptocurrencies.
Derivatives Market Activity
Trading data from CoinGlass shows SOL futures open interest increased 4.90% in the past 24 hours. The metric now stands at $8.58 billion. Open interest measures the total value of active futures contracts and often indicates trader sentiment.
Source: Coinglass
The long-to-short ratio reached 1.0235, meaning more traders hold long positions betting on price increases. Short liquidations totaled $12.61 million over 24 hours. Long liquidations came in at $2.14 million during the same period.
The higher volume of short liquidations suggests bearish positions were forced to close as prices moved higher.
Technical Indicators
SOL is trading above the R1 Pivot Point at $142 on the daily chart. The Supertrend indicator crossed into bullish territory, generating a buy signal. This technical setup suggests upward momentum.
Source: TradingView
The Relative Strength Index sits at 63, moving toward the overbought zone above 70. The reading indicates buying pressure is building. The Moving Average Convergence Divergence indicator and its histogram bars are rising above the zero line, another bullish sign.
Price faces resistance at the November 4 low of $145. This level has capped upward moves since mid-November. A break above $145 could open the path to $150, followed by the R2 Pivot Point at $159.
X Platform Integration
X platform rolled out Smart Cashtags, a new feature allowing users to tag financial assets in posts. The tool displays live price charts, market data, and related news directly in the interface.
Early previews of Smart Cashtags featured Solana-based tokens including $BONK. The integration also includes major cryptocurrencies like Bitcoin and traditional assets like NVIDIA stock. Users can now access real-time financial information without leaving the social media platform.
The feature turns posts into interactive financial widgets. Traders and investors can view market data alongside conversations about specific assets. This integration could increase visibility for Solana ecosystem tokens.
The Solana community responded positively to the Smart Cashtags announcement. Users began promoting ecosystem tokens in anticipation of the launch. The feature aligns with X’s goal of becoming a financial information platform while positioning Solana as a partner in that vision.
The post Solana (SOL) Price: X Platform Feature Puts SOL Tokens in the Spotlight appeared first on CoinCentral.
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