Solana ($SOL ) Bullish On-chain Metrics

The on-chain metrics, trading volumes, and traders’ rising interest in the altcoin indicate that SOL is poised for short-term upside momentum.

According to the on-chain analytics firm DefiLlama, traders’ interest and liquidity in the SOL chain appear to be rising. Data shows that SOL’s daily trading volume has skyrocketed from $2.91 billion on December 7, 2024, to $6 billion on December 11, 2024, reaching its highest level since November 2024.

Additionally, Coinglass’s $SOL Long/Short ratio has reached its highest level since the beginning of November 2024. Although it currently stands at 1.05, this notable rise in the long/short ratio indicates strong bullish sentiment among traders.

When combining these on-chain metrics, it appears that bulls are back and continue to dominate the asset, supporting the upcoming rally.

Source: CoinPedia