Solana (SOL) is in hyperdrive as the network rapidly gains momentum in terms of liquidity which is seen at over 300% at press time. After a drastic price drop, Solana turned the tide with action with flying colors.
Here’s a quick look at SOL’s recent performance:
- SOL metrics and reliability score look positive
- Solana’s TVL seen jumping higher
- Solana launches Saga Pass Cards
There is significant growth seen both in terms of NFT with the rollout of Saga Pass cards and market capitalization.
Solana has been seen to nose dive for the past two weeks, but is now back on the top 10 list of cryptocurrencies that is stacked on the green lane.
SOL award gains momentum
According to price monitoring by CoingeckoSOL price is currently trading at $24.28, up 3.0% in the past seven days.
Obviously, following the FTX crash, short-term traders and bulls were obsessed with SOL which unblocked around 100 million coins from different contacts that could have punched a hole in the market causing the price of SOL to drop to zero or $0.
But that did not happen as SOL holders chose to hold their coins waiting for better days and not to panic and sell their SOL holdings.
It is true that the market gained ground and rallied with most assets moving north, including SOL, which made investors extremely happy with the gains.
SOL total market cap at $8.9 billion on the daily chart | Chart: TradingView.com
With this hypergrowth with Solana, investors decided to accumulate long positions which triggered SOL Open Interest to accelerate higher. In fact, around $460 million worth of orders are currently open on crypto derivatives exchanges. Could this be bad news for SOL?
Now, open interest really isn’t the culprit here as it can’t really drive the price of SOL down, but it’s the increased number of longs that could trigger pressure from SOL holders selling quickly. their assets to counter future risks.
On the positive side, nothing is set in stone and SOL holders and investors need not panic just yet, as SOL has yet to gain much momentum to trigger millions in the liquidation of assets.
SOL currently in 2nd position on the list of the best channels
SOL is doing so well that it managed to climb to number two on the list of top chains by NFT trading volume in the last month. SOL’s NFT trading volume is expected to increase and gain momentum over the past two weeks.
Top Channels by NFT Volume (30 Days)
—Delphi Digital (@Delphi_Digital) January 21, 2023
Solana-Mobile announced that it will be rolling out new maps in rotation. Basically, the first map is exclusive to OG Saga Pass holders, and then a random map will be introduced every week.
Also, the Saga Pass card collection should be verified through MagicEden very soon.
SOL TVL. Image: Defillama
Meanwhile, according to figures from DeFiLlama, the total value locked in the network is up since the start of the year, which is encouraging.
Image selected by Manula.com