Lately, the crypto sphere has been buzzing with chatter about Solana, a blockchain platform that stands out for its impressive scalability and rapid transaction rates. For traders, this excitement is far from unfounded, as Solana’s trading volumes have soared beyond the $300 million mark, leading some to question whether the big fish of the crypto world, the “whales”, are taking a vested interest in Solana.
An examination of Solana’s recent trading volumes and the possible impact of whale activity on its price movement is on the cards for this news piece. Solana has been able to reel in considerable interest due to its burgeoning transaction volumes and exciting strides in the NFT sales sector. According to DeFiLlama, Solana boasts a weekly decentralized exchange (DEX) volume that ranks sixth, which has seen a staggering 84% growth. Solana’s accumulated volume has gone above $57 billion, and its 24-hour transaction volume is over $43 million.
On the NFT scene, Solana has also earned applause with a massive increase in trading volume, as per Sentiment’s data. There has been a tiny slump of late, but the USD volume for NFTs remains considerably enrichened compared to last year, almost touching $3 million. Unfortunately, the same boom doesn’t hold for Solana’s Total Value Locked (TVL) performance, which has been treading water since a dip in November 2022. Currently, the TVL is around $270.5 million but shows no obvious signs of gaining height in upcoming days.
Despite the TVL hiccup, the rest of the Solana picture paints a thriving blockchain platform, with its capacity to draw users, stimulate substantial trading activity, and potentially pump up investor confidence and community participation. Moreover, the recent figures from CoinGlass suggest that solana’s outlook is far from grim. There is a prevailing long position preference and positive sentiment, hinting at increased investor trust and the expectancy of price growth.
When discussing Solana’s price analysis, a recent bounce back after a market sell-off has raised eyebrows and speculations about the whales’ interest. Solana hit the intra-day high of $20.26, currently trading near the $20.20 level, showcasing hopeful upward trends. Interestingly, amid a significant market sell-off, Solana experienced a temporary stumble, rubbing shoulders with other major cryptocurrencies like Bitcoin, Ethereum, and Litecoin. Additionally, the SEC’s lawsuits against mega crypto exchanges Binance and Coinbase, labeling Solana and several other cryptocurrencies as unregistered securities, initially caused a hiccup in Solana’s price. Still, a quick recovery in the buyer’s market when the price dipped below $15 led to a 48% rise from its lowest point of June.
Currently, Solana is trading at $20.25, with a substantial 24-hour trading volume of $412,154,944. Over the last day, the coin gained over 5%, bagging the 9th place in the market with a live market value of $8,126,299,544. Furthermore, its circulating supply stands currently at 401,308,965 SOL coins, while its maximum supply is eternally flexible.
Source: Cryptonews
