Solana Surges to New Highs
If you’ve been keeping an eye on the crypto market, you’ll have noticed that Solana has been making waves lately. With a surge from $21 in mid-October to almost $45 last week, it’s hard to ignore the growth of this altcoin.
Increased Network Activity
According to the market intelligence platform Kaiko, the increase in network activity, particularly in liquid staking token protocols like Jito, has played a significant role in driving up Solana’s price. In addition, a new analysis has confirmed that Coinbase led the net buying of Solana, accumulating 2.2 million SOL since the rally began on October 18. Binance also joined in, with a cumulative volume delta (CVD) of 1.9 million during the same period.
Outperforming Ethereum
Comparisons between Solana and Ethereum have been common, with SOL emerging as the clear outperformer since September. The ratio between the two has jumped from 0.011 to nearly 0.025, breaking the ratio from just before FTX’s collapse. Notably, Solana has also topped the list of the most traded altcoins on US-available exchanges this year.
Continued Growth
At present, Solana’s weekly gains stand at 16.65%, and it is trading over $41.7. Additionally, there has been a weekly influx of $11 million into the Solana ecosystem, signaling a growing interest in this altcoin.
Hot Take: Solana’s Impressive Run Continues
Solana’s recent surge in price and increased network activity reflect its growing prominence in the crypto market. With strong net buying from major exchanges and outperforming Ethereum, SOL continues to capture investors’ attention and may be poised for further growth.
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