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- Solana noted its hike by 7% earlier this week.
- The native token of Solana, SOL, hiked from $35.2 to $38.73 on Tuesday (September 13, 2022) morning.
As we know Solana protocol is designed to facilitate decentralized app (dApp) creation and aimed to improve the scalability by introducing proof-of-history (PoH) combined with the proof-of-stake (PoS) blockchain network.
Solana Price Analysis
It has recently noted its bullish phase by a massive increase in its trading volume. According to the report by CoinMarketCap, SOL has noted the rise of 93.74% across Binance, FTX, Coinbase and Kucoin.
The above chart shows the price analysis of SOL. On September 13, 2022 SOL noted its seven day hike at the trading price of $38.87 USD with 24h trading volume of $1.72B USD. While, at the time of writing the trading price of SOL is $33.93USD with a 24h trading volume of $1.13B USD.
It can be seen that traders with short positions in SOL have wiped out in recent hours. There was a total of $4.09M in liquidations, and more than 82% of short position holders. And most of these negative liquidations occured on the Binance exchange.
Before the selling of an asset, it is firstly required to borrow it from a broker or any exchange. After that it sells the asset on the open market. If the value goes down from the buying price, the trader buys it again at a lower price and pays back the asset and keeps the difference by earning the profit. Also, if the market does not support the trader, then it leads toward the money loss.
Furthermore, the recent price hike is probably connected to a spike in Solana-based NFT volume and the potential merge of the Helium Network to Solana.
Additionally, it also provides the Helium community more access to the Solana’s DeFi and NFT ecosystem.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
