The price of Solana (SOL) has seen a remarkable surge in the last 30 days, piqueing the curiosity of analysts and investors alike. The price of SOL has surged by almost 70% since October 18, drawing interest from both market aficionados and the community.
In this regard, a research was carried out by the cryptocurrency analysis firm Kaiko to determine the causes of this protracted bull market and examine the elements that have contributed to and maintained it over time.
The analysis by Kaiko highlights the significant impact of American investors, namely those who utilise the Coinbase platform.
Solana (SOL) Skyrockets – In-Depth Analysis Uncovers Reasons,Solana (SOL) Skyrockets – In-Depth Analysis Uncovers Reason
The data shows that 2.2 million SOL tokens were bought by Coinbase customers, demonstrating the high level of interest that US investors have in this cryptocurrency.
The study’s examination of the correlation between SOL and Ethereum (ETH) prices is another pertinent finding.
The research notes that the connection between these two cryptocurrencies has changed as a result of SOL’s relative gain in comparison to ETH.
The ratio was 0.011 in October, but it is currently at about 0.025, indicating that SOL has become more dominant in the market relative to ETH.
The study emphasises that Binance acquired SOL in rapid succession to Coinbase, and that it had a notable surge in buying volume in November, totaling 1.9 million since October 18.
SOUTH KOREANS ARE ADVERTIZING SOLANA
But the Upbit exchange, which represents the South Korean market, behaved differently.
About 4 million SOL tokens were net sold by Upbit when SOL was being acquired by the US and Binance markets.
This behaviour demonstrates how marketplaces vary and how distinct trends exist in different places.
During this time, SOL was one of the most traded cryptocurrencies on the US exchanges that were still in operation in terms of transaction volume.
It outperformed other well-known cryptocurrencies, such as Ripple (XRP), Polygon (MATIC), and Litecoin (LTC), indicating a notable uptick in trading activity surrounding SOL.
As of the time of writing, Solana is up 2.6% over the past day, trading at about $41.39, according to Coinmarketcap data. It hit its high on November 1st at $45.02.
Its 24-hour trading volume is $1.1 billion, a noteworthy rise of about 22% from the previous day, and its market capitalization is $17.42 billion, with a growth rate of around 3%.
Solana (SOL) Skyrockets – In-Depth Analysis Uncovers Reasons,Solana (SOL) Skyrockets – In-Depth Analysis Uncovers Reasons,Solana (SOL) Skyrockets – In-Depth Analysis Uncovers Reasons , Solana coin Crypto news, Solana coin News