Why is The Solana (SOL) Price Up Today?
TL;DR
SOL Price Surge: Solana’s token SOL has seen a remarkable increase, rising 7% in 24 hours, 50% in two weeks, and 160% in a month, currently priced around $59.
Growth Factors: The uptrend could be driven by the overall bullish crypto market, significant institutional investment, and the FOMO effect influencing investor behavior.
Coinbase’s Role: Coinbase’s listing of SOL perpetual futures has boosted its accessibility and appeal, especially to institutional investors.
SOL Keeps Flashing Green
Solana’s native token – SOL – seems to be defying the ongoing consolidation of the cryptocurrency market, charting a 7% price increase for the past 24 hours. The asset has surged over 50% in the last two weeks and a whopping 160% on a monthly basis, currently standing at around $59 (per CoinGecko’s data).
The overall bullish condition of the market in the past several weeks might be one factor driving SOL’s valuation up. Recall that the leading cryptocurrencies by market cap – Bitcoin (BTC) and Ethereum (ETH) – have also spiked to yearly peaks lately.
Another reason could be the substantial interest coming from institutional investors. According to a recent research conducted by CoinShares, Solana witnessed inflows worth approximately $12 million in the last 14 days.
The FOMO (Fear of Missing Out) effect should also be mentioned. This is a psychological phenomenon where people make irrational decisions based on the assumption that they might miss potential gains and get involved with a highly popular coin across the community.
FOMO often leads to impulsive buying and selling without making proper due diligence, meaning that some people might have entered Solana’s ecosystem only because they have seen its impressive price increase as of late.
Coinbase and Solana
Last but not least, Solana’s uptrend could be attributed to Coinbase’s decision to list perpetual futures on its international exchange and Coinbase Advanced.
The option gives customers more leverage to bet on the asset’s price movements. It also makes Solana more accessible to institutional investors globally, who often use Coinbase as a marketplace to trade digital currencies.
The post Why is The Solana (SOL) Price Up Today? appeared first on CryptoPotato.
Filed under: Bitcoin - @ November 15, 2023 9:20 am