Monday, December 4, 2023

The cryptocurrency sphere has been abuzz this weekend, especially regarding solana (SOL) and its impressive appreciation against the U.S. dollar over the past week. In the last 24 hours, SOL has seen an 11% increase, with a notable 45.2% rise over the week, propelling it to the sixth position in terms of market capitalization.

Solana Soars in Cryptocurrency Rankings with 45% Increase This Week

Solana (SOL) has outshone its competitors among the top ten cryptocurrencies by market value this week. SOL has experienced a 45.2% rise over the past week and an impressive 184% upswing against the U.S. dollar in the last 30 days. On Saturday, November 11, SOL’s trading price fluctuated between $53.59 and $63.44 per coin. With a global trading volume of approximately $4.41 billion in the last day, SOL is currently the fifth most actively traded cryptocurrency.

The recent surge in solana’s price has led to a substantial liquidation of short positions betting against the cryptocurrency. According to Coinglass, solana leads today’s chart with short position liquidations totaling $19.28 million. The buzz around SOL’s ascent is evident across various social media platforms, including X.

Eric Wall expressed regret about missing SOL’s rise: “I missed SOL because less than 30 minutes after my bottom call when I went to buy it had pumped to $12 in one straight candle and now it’s at $62.” Meanwhile, others celebrated their earnings with SOL. “Mfers watching me make life changing gains with solana right now,” one user boasted. Another commented, “GM to all the people who understand why SOL is headed [higher] than it’s ever been! Now is the time to CHAD a bit more.”

Cryptocompare data reveals that on Saturday, SOL’s primary trading pair was tether (USDT), accounting for 52% of the activity, followed by trades against the U.S. dollar at 17.83%. The Korean won contributed a significant 16.27% to all SOL trades, while BTC held 5.83% market share.

Behind BTC, SOL’s trading volume is further supported by pairs with BUSD, EUR, TRY, USDC, and ETH. Despite SOL’s remarkable performance this month with triple-digit gains, its current value remains over 75% below its peak of $259 per unit, reached on November 6, 2021.

What are your thoughts on solana’s recent growth, in both the short and long term? We invite you to share your insights and viewpoints on this topic in the comment section below.

Frequently Asked Questions (FAQs) about Solana Growth

What is the recent performance of Solana (SOL) in the cryptocurrency market?

Solana (SOL) has experienced a notable surge in value, with an 11% increase in the last 24 hours and a 45.2% rise over the week. It has also seen a significant 184% gain against the U.S. dollar in the last 30 days, elevating it to the rank of the sixth largest asset by market cap.

How much have SOL shorts been liquidated recently?

In a single 24-hour period, short positions on Solana amounting to $19 million were liquidated, coinciding with its rapid increase in market value.

What are the primary trading pairs for Solana (SOL)?

The primary trading pair for SOL is tether (USDT), which captures 52% of the trading activity. Trades against the U.S. dollar rank second at 17.83%, followed by significant volumes in the Korean won and Bitcoin (BTC).

What is the current market position of Solana compared to its peak value?

Despite Solana’s impressive performance and triple-digit gains this past month, its current market value is still over 75% lower than its peak of $259 per unit, which was reached two years ago on November 6, 2021.

More about Solana Growth

  • Solana Market Performance Analysis
  • Insights on Solana (SOL) Trading Volume
  • Solana’s Peak Value and Current Trends
  • Understanding SOL Short Position Liquidations


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BlockchainBobby November 12, 2023 - 11:13 am

interesting to see tether as the main trading pair, guess it shows how much influence stablecoins have in the market right now.

HODL4Life November 12, 2023 - 1:59 pm

still, it’s way off from its peak in 2021, solana’s got a long way to go, but good for those who got in early.

TraderJoe November 13, 2023 - 12:57 am

this is y i never short cryptos, you never know when they’ll skyrocket, $19M liquidation is insane!!


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