Rally

Solana

Daily

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<a href="https://u.today/solana-sol-users-targeted-in-new-address-poisoning-attack-details" rel="noopener noreferrer nofollow">Solana's SOL</a> gained over 18% in the last 24 hours to outperform top cryptos on an otherwise dull trading day.
SOL has surpassed $63, a level last seen in May 2022. Daily trade volumes increased by more than 70% to over $3.7 billion, up from an average of $2 billion at the start of November.
SOL is up 150% since Oct. 1 but still down 77% from its all-time high, according to crypto research firm <a href="https://twitter.com/KaikoData/status/1724713933133455379" rel="noopener noreferrer nofollow">Kaiko</a>, which highlighted a surprising factor for the continued Solana boom.
In a <a href="https://twitter.com/KaikoData/status/1724468483902304473" rel="noopener noreferrer nofollow">tweet</a>, Kaiko observed that SOL's blistering rally has continued with limited liquidity. It further adds that liquidity in USD terms is at its highest level since the collapse of FTX.
<blockquote>
 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a>'s blistering rally has continued with limited liquidity. In USD terms, liquidity is at its highest level since FTX collapsed. But, in native units, it has been trending downwards, indicating that MMs are maintaining a stable level of liquidity. <a href="https://t.co/2J0FLRWG3w" rel="noopener noreferrer nofollow">pic.twitter.com/2J0FLRWG3w</a>— Kaiko (@KaikoData) <a href="https://twitter.com/KaikoData/status/1724468483902304473?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 14, 2023</a>
</blockquote>
However, liquidity has been going downward in native units, indicating that market makers (MMs) are maintaining a stable level of liquidity.
<a href="https://u.today/solana-sol-plunges-by-10-heres-possible-reason-behind-drop" rel="noopener noreferrer nofollow">SOL prices</a> plummeted in November 2022 after FTX collapsed, but hopes about Solana have revived following the end of Sam Bankman-Fried's trial.
Meanwhile, wallets linked to the bankrupt crypto exchange FTX have transferred out over $102 million in SOL tokens to crypto exchanges in recent months. Moving to exchanges may indicate selling, but the impact was reversed on Solana's price, which has hitherto risen.
Institutional investments in SOL tokens have also increased in recent weeks. Shares of Grayscale Solana Trust (GSOL) hit a nearly 900% premium to the spot SOL held in each share last week, indicating demand for the token.
According to the latest <a href="https://blog.coinshares.com/volume-157-digital-asset-fund-flows-weekly-report-a8be1d5b3f85" rel="noopener noreferrer nofollow">CoinShares</a> report, digital asset investment products saw inflows totaling $293 million in the past week, bringing a seven-week run of inflows past the $1 billion mark. Solana saw further inflows totaling $12 million.

Solana (SOL) 150% Rally Boosted by This Surprising Factor: Details

U_Today

Other articles published on Nov 15, 2023

What Does the SEC’s Delay of the Hashdex Bitcoin Spot ETF Mean? Should It Be Interpreted Negative...

YouTube Unveils Updated Generative AI Content Rules and Monetization Restrictions

Price analysis 11/15: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, MATIC, LINK, TON

SEC Filed a $5 Billion Lawsuit in 2023! Here are the institutions that were sued and the reasons!

Crypto turning point: Bitcoin options market trumps futures

Bitcoin Market Cap Poised To Hit $3.3 Trillion With ESG Fund Inflows

Join our free newsletter for daily crypto updates!