Amid the turmoil in the cryptocurrency market, Solana (SOL) has once again become the focus. In the past 24 hours, the price of SOL has been eye-catching, breaking through the $245 mark, setting a new high in nearly three years. This wave of strong growth not only made investors ecstatic, but also triggered heated discussions in the market about its future development.
Let’s take a deeper look at what’s driving this astonishing rally.
The first driving force: Confidence boost brought by institutional recognition
The most eye-catching catalyst came from VanEck’s latest statement. Matthew Sigel, the company’s head of digital asset research, recently expressed a major view: it is expected that the United States is likely to approve the spot Solana ETF by the end of 2025. This statement immediately triggered a strong response from the market.
Why is this news so important? Because it represents a deepening recognition of Solana by the institutional investment community. This possibility seems more tangible after Trump’s crypto-friendly stance on November 5.
The second driving force: Network data hit a new high
What is even more exciting is Solana’s basic network data. According to the latest statistics from DefiLlama, Solana has an astonishing 33.59% market share in the transaction volume of decentralized exchanges (DEX), far exceeding Ethereum’s 17.54%. This data clearly shows Solana’s strong performance in actual application scenarios.
In terms of market performance, what is more interesting is:
- In the futures market, about $14.47 million of short positions were forced to liquidate
- Open interest (OI) climbs to a record high of $4.82 billion
- Funding rate turned from negative to positive, indicating that market sentiment has clearly turned bullish
Technical analysis shows that SOL has broken through an important descending triangle pattern, which suggests that there may be room for further gains. Analysts generally believe that if this momentum continues, SOL is expected to challenge a new high of $267-270 by the end of 2024.
It should be noted that the cryptocurrency market has always been volatile, and investors should conduct sufficient research and risk assessment before making any investment decisions. This article is for reference only and does not constitute any investment advice.
How long do you think Solana’s rally will last? Feel free to share your thoughts below.
The test of the bull market is not only the ups and downs of the market, but also the test of our mentality. In the face of changes in the account, we must remain rational. Next, I will announce the next coin with ten times the potential! It is better to grasp it than to guess blindly! Like + leave a message, free sharing.
