The Rise of Solana: What Investors Need to Know
The crypto market has been abuzz with the recent surge in Solana’s value, making it the best-performing large-cap crypto asset in the last 30 days. If you’re an investor, here are some key insights you shouldn’t miss out on.
SOL’s Impressive Performance
Solana [SOL] has been a standout in the market. In recent weeks, it more than doubled its value, reaching $58.42 at press time. Investors have been optimistic about the sixth-largest digital asset in the market, as reflected by the positive values of the Weighted Sentiment indicator.
SOL sees a jump in trading volume
Trading activity on centralized exchanges has seen record highs for SOL. On November 11th, SOL accounted for 8.85% of the total exchange volumes, making it the best-performing asset on that day. This spike in trading volume has increased investor interest and activity surrounding SOL.
Derivatives market get energized
Amidst SOL’s soaring value, the derivatives market has also seen a surge in interest. Open Interest (OI) in SOL futures contracts on Binance jumped 30% month-to-date (MTD). Additionally, the funding rates on the exchange have been in positive territory, indicative of a bullish market trend.
Historic month for Solana DEXes
This price rally for Solana coincides with Solana’s highest ever monthly DEX volume. As of mid-November, trades worth $3.23 billion were executed on Solana-based DEXes, signaling a historic month for the platform.
So, if you’re in the market for a solid investment opportunity, Solana [SOL] might just be what you’re looking for. The numbers and trends are pointing towards a continued rise in value, making it an exciting time for SOL investors. If you haven’t already, it might be worth considering adding SOL to your crypto portfolio.
### News source: eng.ambcrypto.com