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 <p class="is-style-lead">Solana (SOL) becomes the most traded altcoin in US exchanges this year.&nbsp;</p>
 <p>Solana (SOL) is witnessing a dramatic climb in <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a>, outshining other altcoins on exchanges accessible in the United States over the current year.</p>
 <p>Leading exchange, Coinbase strategically increased its holdings by acquiring 2.2 million SOL tokens on Oct. 18. Since then, SOL is up by over 35%. In contrast, South Korea’s prominent exchange, Upbit, sold nearly 4 million SOL tokens.</p>
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   <img decoding="async" src="https://cdn.thebittimes.com/images/2023/11/07/fe2c98ccd8adff14228e35abda46f14b.webp" alt="Solana trading volume surges amidst market rally - 1" width="673" height="514"> 
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  <figcaption class="wp-element-caption"><em><strong>SOL’s monthly price chart</strong></em>
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 <h2 class="wp-block-heading" id="what-s-driving-solana-sol">What’s driving Solana (SOL)?</h2>
 <p>A surge in network activity, particularly within liquid staking token protocols such as Jito, has contributed partially to Solana’s price acceleration, according to the data from Kaiko Research. As a prominent alternative Layer 1 (alt L1) blockchain, Solana is frequently juxtaposed with Ethereum (ETH), and the recent months have seen Solana outshine its counterpart. The comparative ratio of SOL to ETH has escalated from 0.011 in September to approximately 0.025, surpassing pre-FTX crisis levels.</p>
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 <p>Coinbase has spearheaded the net buying spree, with <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> purchases of Solana tokens since the rally’s inception. While Binance initially trailed, it soon ramped up <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> buying, reaching a cumulative <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a> delta (CVD) of 1.9 million since that date.</p>
 <p>In the broader context, SOL has outperformed other popular altcoins such as Dogecoin (DOGE), Litecoin (LTC), Polygon (MATIC) and Ripple (XRP) in <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a>s across exchanges available in the U.S., securing its position as this year’s favored alternative digital asset among U.S. traders.<br><br>SOL is up by nearly 75% in a month.&nbsp;</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Analyst points to Coinbase’s future after disappointing quarter
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/solana-trading-volume-surges-amidst-market-rally-tbt69269.html">https://thebittimes.com/solana-trading-volume-surges-amidst-market-rally-tbt69269.html</a></p>

Solana trading volume surges amidst market rally

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