- Solana’s (SOL) unstoppable rally continues, approaching the $100 mark with another 17% increase.
- The strong performance is not limited to market capitalization; SOL’s futures trading volume on the network has experienced a significant 32% increase, surpassing 10 billion.
- Solana has been on an extraordinary rally, with a staggering 700% increase since the beginning of the year. The majority of gains came from mid-October.
The strengthening of the Solana network and the rally in price have attracted significant attention in the crypto community: Will this surge continue?
Solana Price Approaches $100
Solana’s (SOL) unstoppable rally continues, approaching the $100 mark with another 17% increase. Currently, SOL is trading at $92.64, representing a 17.15% increase and a market capitalization of $41.7 billion. In the last 24 hours, Solana (SOL) has experienced a significant 16% increase, reaching a market capitalization of $41.8 billion. This increase places SOL in the position of the fourth-largest cryptocurrency by market capitalization, surpassing Binance Coin (BNB), which has a market capitalization of $41.1 billion.
The strong performance is not limited to market capitalization; SOL’s futures trading volume on the network has experienced a significant 32% increase, surpassing 10 billion. Additionally, during the same period, the open position in SOL futures contracts reached $1.34 billion, placing Solana as the second-largest in terms of open positions, only behind Bitcoin (BTC) and Ethereum (ETH).
This notable growth highlights Solana’s increasing importance in the cryptocurrency market, indicating growing investor interest and activity on the Solana blockchain. Moreover, according to data from DeFi Llama, the total value locked (TVL) on the Solana blockchain has surpassed $1.3 billion. Solana has added over $1 billion in TVL in the last two months, coinciding with the increasing DeFi activity on the network.
Are Major Investors Selling SOL?
Solana has been on an extraordinary rally, with a staggering 700% increase since the beginning of the year. The majority of gains came from mid-October, and the Solana price has multiplied by five in the last two months. In the midst of this rapid surge, it appears that major players are liquidating their stocks. Arthur Hayes, co-founder of the crypto exchange BitMEX, stated that he sold his SOL holdings and bought Ethereum (ETH) instead.
In a tongue-in-cheek confession, Hayes claimed to have received a divine message asking him to sell SOL. Therefore, he decided to part ways with SOL and buy more of the popular cryptocurrency Ethereum (ETH). The humorous confession comes with a note stating that the investor now holds $5,000 worth of ETH. While likely considered a joke, such playful narratives add a fun touch to the evolving stories in the crypto community.
