Solana (SOL) is on hyperdrive as the network quickly gains momentum in terms of liquidity which are seen at more than 300% as of press time. Following a sweeping price decline, Solana has turned the tide with metrics with flying colors.
Here’s a quick glance at SOL performance of late:
There is sizeable growth seen both in terms of NFT with the rollout of the Saga Pass Cards and market cap.
Solana was seen to nosedive the past couple of weeks, but it’s now back on the top 10 cryptocurrencies list that is stacked at the green lane.
According to price monitoring by Coingecko, SOL price is currently trading at $24.28, up 3.0% in the last seven days.
Evidently, following the FTX crash, short-term traders and the bulls were fixated on SOL which unlocked roughly 100 million coins from different contacts which could have punched a hole in the market, driving the price of SOL to null or $0.
But, that didn’t happen as SOL holders chose to hold out their coins waiting for better days and not panic and sell their SOL holdings.
True enough, the market gained traction and recovered with most assets moving north, including SOL which made the investors extremely happy with the gains.
With this hypergrowth happening with Solana, the investors decided to accumulate longs which triggered SOL’s open interest to accelerate higher. As a matter of fact, around $460 million worth of orders is currently open at crypto derivative exchanges. Could this be bad news for SOL?
Now, the open interest really isn’t the culprit here as it can’t really pull SOL price down but it’s the increased number of longs that could trigger a squeeze brought about by SOL holders rapidly selling their holdings to counterpunch future risks.
On the brighter side, nothing is set in stone and SOL holders and investors need not panic right now as SOL has not gained much momentum yet to trigger millions in the liquidation of assets.
SOL is performing so well that it managed to jump to the second spot on the top chains list in terms of NFT trade volume seen in the past month. SOL’s NFT trade volume is seen to spike and gain momentum in the past couple of weeks.
Top chains by NFT volume (30 days)
🥇@ethereum
🥈@solana
🥉@0xPolygon
4️⃣@Immutable
5️⃣@Cardano
6️⃣@flow_blockchain
7️⃣@BNBCHAIN pic.twitter.com/trNHUxk1fB
— Delphi Digital (@Delphi_Digital) January 21, 2023
Solana Mobile has announced that they would be rolling out new cards on rotation. Basically, the first card is exclusive only to holders of the OG Saga Pass, and then a random card will be introduced every week.
Additionally, the Saga Pass Card Collection is set to be verified via MagicEden real soon.
Meanwhile, according to DeFiLlama’s numbers, the total value locked in the network has been on the rise since the start of the year, which is encouraging.
Featured image by Manula.com
Freelance writing is Christian’s other cup of tea. When not on his computer, he unwinds with a bottle of beer and laughs with his son over cartoons. Other than that, he’s just like everybody else who wants to be happy with their life.
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