it’s been a big day solana,
The ninth-largest cryptocurrency by market capitalization is up nearly 7% in the past day.
Solana’s native token, SOL, rose from $35.2 on Tuesday morning to $38.87. It is back at $38.27 since press time.
Solana is a sharp, proof-of-stake (PoS) blockchain network that allows many similar functions Ethereumincluding decentralized finance (DeFi) applications and non-fungible tokens (NFT,
The most recent bullish action is supported by a massive increase in trading volume. In the last 24 hours, CoinMarketCap Reports an increase of 93.74% Binance, ftx, coinbase, and Kucoin. The most popular trading pair is US Dollar or its stable currency equivalent.
Stepping back even further, Solana’s coin is up 15% over the past week. Last Tuesday, SOL was trading at around $33.
In the past 24 hours, traders with short SOL positions have also been blown away. In total, there have been $4.09 million in liquidations, of which over 82% were short positions. Most of these bearish liquidations took place on Binance, according to coinglass,
Traders who short an asset, be it crypto or otherwise, first borrow the asset from a broker or exchange. They then sell the borrowed asset in the open market with the expectation that the asset’s price will fall. If the asset does indeed fall, the trader will repurchase it at a cheaper price, repay the loan (the asset is denominated in, not fiat), and pocket the difference as a profit.
If, however, the market moves against the trader, they may lose money by buying back an asset that has increased in value to pay off the loan.
What is driving Solana?
SOL’s recent price action has been linked to a spike in Solana-based NFT volumes and a possible merger of the Helium Network, a popular Internet-of-Things crypto project for Solana.
according to data drawn from NansenSolana NFT transactions reached an all-time high on 12 September with a total of over one million transactions across all markets and mints.
data from cryptoslam It shows That y00ts, soulswipeAnd ABC (abracadabra) NFT collections are driving this activity.
Alongside the increasing NFT activity, Helium is also looking to move its entire operations to the Solana blockchain.
Helium is a crypto-powered, peer-to-peer network of various physical “hotspots” that aims to provide better Internet connectivity in low-coverage areas. Those who house and power the hotspot are rewarded in local HNT tokens.
As voting begins, here are 5 key reasons: @solana HIP 70 recommends:
1/ The @helium Core developers no longer need to maintain our blockchain.
— helium🎈 (@helium) 12 September 2022
trick, which is mentioned in Helium Improvement Proposal (HIP) 70Helium will withdraw from its native blockchain, bringing with it the HNT token, governance process and mining rewards, Solana.
Importantly, it will give the Helium community even more Access to Solana’s DeFi and NFT Ecosystems,
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.