Solana (SOL), a popular cryptocurrency, has been performing exceptionally well in the market. According to Kaiko, a blockchain analytics platform, SOL’s net buying has been led by Coinbase, one of the most active cryptocurrency exchanges. The cumulative volume delta (CVD) data shows that 2.2 million SOL has been purchased since October 18, indicating a rise in demand for SOL as the broader crypto market gains momentum. Coinbase has been the primary driver of this buying wave, followed closely by Binance, the world’s largest cryptocurrency exchange. However, the reasons behind users choosing Coinbase over Binance remain unclear. Despite this surge in demand on certain exchanges, the demand for SOL has been decreasing on Bybit, Upbit, and OKX. The reasons for this trend are also unknown, but it is worth noting that all of these exchanges allow derivatives trading of multiple assets, including SOL. Currently, SOL holds the seventh position on the market cap leaderboard, surpassing projects like Cardano, Dogecoin, and Tron. With its market cap significantly ahead of the eighth-ranking project, SOL has cemented its position among the top 10 coins.
SOL is also seeing an uptrend in its price, reaching new highs in 2023. Trading at around $43, SOL broke the resistance level at $32 in late October, and its price has continued to rise since then. This surge in price can be attributed to the increasing investor confidence in SOL and Solana Labs’ strategic partnerships and new feature releases, which have attracted more capital to the cryptocurrency. The rising cumulative volume delta suggests that institutional investors might be eyeing SOL in anticipation of the upward trend.
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