Solana has taken center stage, surging from $21 in mid-October to almost $45 the last week. After the downfall of FTX, SOL briefly dipped below $10, the recovery, however, was partly driven by surging activity on the network.
The past month has seen a notable improvement in what initially was a challenging year for altcoins in the United States.
- According to the market intelligence platform, Kaiko, the increase in network activity, especially in liquid staking token protocols like Jito, has aided in Solana’s price appreciation.
- More interestingly, the new analysis also confirmed that the net buying of the crypto asset was led by Coinbase.
- The crypto exchange accumulated 2.2 million SOL since the rally kicked off on October 18.
- Binance initially lagged behind Coinbase but significantly stepped up its market buying at the beginning of November, ultimately reaching a cumulative volume delta (CVD) 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.”
- Meanwhile, the South Korean exchange Upbit saw net sales of nearly 4 million SOL tokens.
- As a result, SOL outperformed Ethereum (ETH) since September, with the ratio between the two surging from 0.011 to almost 0.025.
- Kaiko’s insight further revealed that SOL 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 stood at 16.65% while it was trading over $41.7.
- The latest weekly influx of $11 million also confirms the growing inclination for the Solana ecosystem.
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