Solana Continues to Shine in Crypto Market Rally
As Bitcoin and Ethereum dominate the crypto market rally, Solana has emerged as a strong performer, with its value surging by more than 174% over the last 30 days. This upward trend is expected to receive a further boost as Coinbase prepares to add support for its perpetual futures on its international exchange and Coinbase Advanced.
The launch of support for Solana’s perpetual futures is scheduled for Tuesday, November 14, pending liquidity conditions being met. Additionally, Coinbase is also set to add support for the perpetual futures of another cryptocurrency, Avalanche (AVAX), on the same day.
Solana Faces Pressure Amidst Ongoing Rally
Despite its impressive performance, Solana faces significant selling pressure from major entities such as FTX, Alameda Research, and Lido Finance. The threat of selloffs looms large, with Lido DAO voting to wind down its operations on SOL and node operators preparing for voluntary off-boarding throughout November.
Bankman-Fried’s firms have been given permission to liquidate their SOL holdings, with an estimated $164 million worth still held by Alameda and FTX. Despite this pressure, Solana’s price has continued to rise consistently, reaching highs not seen since the summer of 2022.
Analyzing Solana’s Price Performance
Over the last 24 hours, SOL has experienced a 1.04% decline and is currently valued at $58.42. In the past week alone, Solana has risen by 45.36%, while its month-long performance reflects a staggering increase of 174.73%. Furthermore, SOL’s market cap has grown by approximately $20 billion in the last 52 weeks and is up 498.98% year-to-date (YTD).
Hot Take: Solana’s Resilience Amidst Market Pressure
Solana’s ability to maintain an upward trajectory despite significant selling pressure demonstrates its resilience and potential for sustained growth in the crypto market. As it continues to outperform other cryptocurrencies and gain support from major exchanges like Coinbase, Solana remains a promising asset for investors looking to capitalize on market rallies.
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