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Lookonchain: Up about 80% in a month, will the price of SOL continue to rise?

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In the past month, the price of $SOL has surged by about 80%. The long/short ratio (accounts) on Binance has reached 1.2134.

Editor's note:

In the past month, the price of $SOL has risen by about 80%. In addition, FTX has been selling $SOL recently, which may lead some people to sell after the price has risen. Currently, the total supply of $SOL is about 561.4 million, and the top 30 holders collectively hold about 16.74% of the total supply.

According to Lookonchain's data analysis, the price increase of $SOL may be related to Breakpoint2023, but the price has fallen after the event reached its peak. BlockBeats reminds us that although the market sentiment towards $SOL is bullish from a data perspective, its future trend still has uncertainty. The following is a compilation of Lookonchain's data analysis:

Original author: Lookonchain (@lookonchain)

Original translation: Peisen, BlockBeats

In the past month, the price of $SOL has surged by about 80%. Why has the price of $SOL risen? Will the price continue to rise or fall?

Here are some analysis.

This kind of rise seems to be related to Breakpoint2023. Comparing and analyzing the price changes of $SOL before and after Breakpoint in 2021 and 2022, it was found that after Breakpoint reached its peak, the price of $SOL fell slightly.

Recently, FTX has been continuously selling $SOL, and some people may be selling it after raising the price.

Over the past month, the price of $SOL has risen by about 80%. While $SOL's price was rising, FTX sold about 1.38 million $SOL (worth $56 million). As of one hour before writing, FTX has released 1.6 million $SOL (worth $65 million) from staking. These $SOL are likely to be transferred out in the coming days.

Are people going long or short on $SOL? According to our observation, there are more people going long on $SOL than going short on Binance, with a long/short ratio (accounts) of 1.2134.

The total supply of $SOL is approximately 561.4 million tokens (valued at $24.7 billion USD), with a circulating supply of approximately 419.5 million tokens (valued at $18.45 billion USD) and an active staking amount of approximately 406.6 million tokens (valued at $17.9 billion USD).