Solana (SOL) Gains Momentum with Coinbase Leading the Way
According to a recent report by Kaiko, SOL has seen a surge in net buying, with Coinbase being the top buyer of the cryptocurrency in the past few weeks. Since October 18, over 2.2 million SOL have been purchased, indicating a growing demand for SOL amidst the broader crypto market recovery.
Coinbase and Binance Driving SOL Purchases
With Coinbase leading the way, Binance, the largest cryptocurrency exchange by client count, is closely following with around 2 million SOL bought since October 18. While there is rising demand for SOL on Kraken, other exchanges like Bybit, Upbit, and OKX have seen a decline in SOL demand over the same period. However, all of these exchanges allow derivatives trading of multiple assets, including SOL.
As of November 7, SOL is ranked seventh by market cap, surpassing Cardano, Dogecoin, and Tron. The CVD tool has been used to identify trends in buying and selling volume over time.
SOL Price Trends and Future Outlook
The price of SOL has reached new highs in 2023, currently trading at around $43 after breaking above the $32 resistance level in late October. The uptrend is expected to continue as Solana continues to gain investor confidence and introduce new features and partnerships. This surge in interest may push the price of SOL to $80.
Rising CVD suggests that institutions may be considering investing in SOL to capitalize on the uptrend. However, recent transfers of large amounts of SOL to Binance and Kraken have caused some price retracement due to potential selling by FTX estate.
Hot Take: Solana’s Growth Signals a Promising Future
The increasing demand for SOL and its strong performance indicate a positive outlook for the cryptocurrency. With major exchanges like Coinbase and Binance driving the buying wave, it’s clear that investors are paying attention to Solana’s potential for growth and development.
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