Solana (SOL) Exceeds $150 Amid Market Excitement

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Bitget2024/03/08 06:53

By:Bitget

Solana (SOL) Exceeds $150 Amid Market Excitement image 0

Solana (SOL) has seen a remarkable surge, reaching $150 for the first time since January 2022, with a 19.5% increase between March 5 and March 7. This rally was fueled by news of Pantera Capital's plan to purchase $250 million worth of SOL tokens from the bankrupt FTX estate. This news sparked a 47% gain over twelve days, leading traders to speculate on SOL's potential to surpass $200.

Additionally, the surge in Solana's DEX activity, fueled by the frenzy surrounding Solana memecoins, contributed to the bullish momentum.

Moreover, the performance of tokens like Jupiter (JUP) and Raydium (RAY), along with anticipation surrounding upcoming airdrops, including Wormhole and Kamino, further boosted SOL's momentum.

Despite concerns about the sustainability of SOL's momentum, its performance isn't solely tied to specific token performances. Instead, the expansion of the Solana network in terms of deposits and volumes is a more reliable indicator of its success. The network's smart contract deposits reached a 16-month high, and Solana outpaced Ethereum in DApps volume growth, reflecting its increasing popularity in the blockchain space.

Source: CoinTelegraph

Futures market Updates

Both Bitcoin and Ether futures saw slight increases in open interests with notable declines in trading volumes. They maintained balanced long/short ratios, while short liquidations surpassed long liquidations.

Bitcoin Futures Updates

Total BTC Open Interest: $31.35B (+1.92%)

BTC Volume (24H): $73.69B (-43.99%)

BTC Liquidations (24H): $15.15M (Long)/$28.13M (Short)

Long/Short Ratio: 50.35%/49.65%

Funding Rate: 0.0331%

Ether Futures Updates

Total ETH Open Interest: $13.13B (+3.21%)

ETH Volume (24H): $37.89B (-40.00%)

ETH Liquidations (24H): $16.32M (Long)/$25.53M (Short)

Long/Short Ratio: 51.85%/48.15%

Funding Rate: 0.0474%

Top 3 OI Surges

XEC: $16.12K (+141.46%)

RUNE: $121.31M (+92.89%)

PHB: $46.79M (+85.42%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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