SOLANA SEES SURGE IN NETWORK ACTIVITY, AND PRICE APPRECIATION
Solana’s Price Surge
Solana has seen a significant surge in value, jumping from $21 in mid-October to nearly $45 within the last week. This recovery comes after a brief dip below $10 following the downfall of FTX, and has been partly driven by increased activity on the network.
Impact of Network Activity
The market intelligence platform, Kaiko, has reported a notable increase in network activity, particularly in liquid staking token protocols like Jito. This increased activity has contributed to the price appreciation of Solana.
A recent analysis revealed that the net buying of SOL has been led by Coinbase, with the exchange accumulating 2.2 million SOL since the rally began on October 18. Binance has also significantly increased its market buying, reaching a cumulative volume delta of 1.9 million during the same period.
“As an “alt L1”, SOL is often compared to ETH, and since September SOL has been the clear outperformer, with the ratio between the two jumping from 0.011 to nearly 0.025, breaking the ratio from just before FTX’s collapse.”
Despite net sales of nearly 4 million SOL tokens on the South Korean exchange Upbit, Solana has outperformed Ethereum (ETH) since September, with the ratio between the two surging from 0.011 to almost 0.025. Solana has also topped the list of the most traded altcoins on US-available exchanges this year, surpassing Dogecoin (DOGE), Litecoin (LTC), Polygon (MATIC), and XRP.
At the time of writing, Solana’s weekly gains have reached 16.65%, and it is trading over $41.7. The latest weekly influx of $11 million confirms the growing inclination for the Solana ecosystem.
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