Coinbry

  • Market Cap: $1,500,447,337,757.66
  • 24h Vol: $69,307,874,091.75
  • BTC Dominance: 49.73%
What is driving the SOL rally as Solana price reaches a new 2023 high?

What is driving the SOL rally as Solana price reaches a new 2023 high?

Summary:

– SOL (SOL) experienced a 22% surge, reaching its highest price since May 2022.

– The surge occurred despite the continuous selling of SOL tokens by FTX’s bankruptcy estate.

– Investor enthusiasm may be due to the limited impact of the token sales and the upcoming depletion of unlocked tokens.

– SOL’s resilience during the token dump is impressive, according to trader Bluntz.

– SOL’s futures open interest has reached its highest level since November 2021.

– The funding rate for leverage longs is currently at 0.5%, indicating bullish momentum.

– Growth in deposits and usage of DApps within the Solana ecosystem suggests a positive outlook.

– Solana’s total value locked (TVL) and DApps deposits have seen increases, indicating a potential recovery for the network.

– Solana now ranks as the fourth-largest blockchain in DeFi TVL, with a 28% growth in active addresses.

– SOL’s market capitalization has surpassed Polygon’s by nearly threefold, raising questions about sustainability.

– Solana’s accumulated 30-day fees are lower compared to BNB Chain, suggesting limited room for further upside.

Headline: SOL Hits Highest Price Since May 2022, Driven by DApp Use and Other Factors

Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.