Experts said that the US cryptocurrency exchange Coinbase factor may be behind the rise in Solana (SOL).
While Solana has exhibited a remarkable upward performance in recent weeks, all eyes have turned to the reason for this activity. According to data provided by on-chain analysis firm Kaiko from 25 October Since the left coinbase Cumulative volume delta (CVD) above 1 million dollars It increased. While experts interpret this situation as a net capital inflow, buying pressure He said he brought it.
Kaiko analyst Riyad Carey said the increased volume on Coinbase is a buy bid for SOL. from institutional investors mention that it may also be due to brought. However, he noted that SOL cumulative volume on Coinbase turned positive on October 30, but Binance and OKX were able to achieve this on November 1:
Coinbase was leading this SOL rally last week; Kraken’s CVD turned positive on the 30th, while Binance and OKX turned positive in the last 12 hours. It’s hard to say without speculating too much, the average order size is smaller than Kraken but the median (and st. dev) order size is larger than other exchanges, so… maybe there’s some institutional demand?
On the one hand, the cryptocurrency exchange that went bankrupt FTX with which it is closely affiliated and has recently sold solana, Serum (SRM) And Radium (RAY) The significant rise of cryptocurrencies such as has also been one of the striking points.
Investment company with $76 billion in assets under management VanEckIn a report published recently, Solana 2030 until the year to $3,211 He stated that he would reach.
According to CoinGecko data, SOL was 1 month in 62% showed an increase. LEFT, while typing from $38.68is being processed.