Solana's Rally Hits 184% Gain in 30 Days as $19M in SOL Shorts Liquidate in 24 Hours
This weekend, the crypto community’s buzz centered on solana (SOL) and its notable surge in value against the U.S. dollar over the previous week. SOL has posted an 11% gain in the last 24 hours, with a striking 45.2% uptick over the week, ascending to the rank of the sixth largest asset by market cap.
Solana Leapfrogs in Crypto Race With 45% Weekly Rise Among the leading ten crypto assets by market value, solana (SOL) has outperformed its peers this week. Currently, SOL boasts a 45.2% increase over the last week and has vaulted by 184% against the U.S. dollar in the last 30 days. On Saturday, November 11, trading prices for SOL ranged from $53.59 to $63.44 per coin. With around $4.41 billion in global trade volume over the past day, SOL ranks as the fifth most traded cryptocurrency in terms of trading activity.
The recent uptick in solana’s value has resulted in a significant number of short positions wagering on the digital currency’s decline being liquidated. Data from Coinglass reveals that solana tops today’s chart with short position liquidations amounting to $19.28 million. Concurrently, conversations about SOL’s rise are peppered across social media networks, including X.
“I missed SOL because less than 30 minutes after my bottom call when I went to buy it had pumped to $12 in one straight candle and now it’s at $62,” wrote Eric Wall. Meanwhile, others gloated over their SOL gains. “Mfers watching me make life changing gains with solana right now,” one individual remarked. Another added: “GM to all the people who understand why SOL is headed [higher] than it’s ever been! Now is the time to CHAD a bit more.”
Data from Cryptocompare indicates that on Saturday, SOL’s primary trading pair is tether (USDT), capturing 52% of the activity, with trades against the U.S. dollar ranking second at 17.83%. The Korean won is responsible for a significant 16.27% slice of all SOL trades, while BTC claims 5.83% of the market share.
The price of the smart contract platform Cardano ($ADA ) has risen significantly so far this year, as it’s up 53% year-to-date. Most of those gains came over the past month, with ADA moving up 49.7% in the last 30-day period and Cardano price predictions suggesting moderate growth for the rest of the month.
Cardano is at the time of writing trading at $0.376 per token after rising an additional 22% over the past week on gains that came shortly after on-chain analytics firm Santiment revealed Cardano has maintained its top stop in cryptocurrency development activity after surpassing the “blockchain of blockchains” Polkadot ($DOT ) and its public pre-production environment Kusama ($KSM ).
Various analysts have been making Cardano price predictions over the last few weeks, with some even pointing to a whopping surge of over 9,000% to reach the $30 mark.
As for the rest of November, PricePredictions’ machine learning algorithm has predicted the price of ADA will fluctuate between $0.30 and $0.32 showing a stable performance for the price of the cryptocurrency, although pointing to a slight downturn.
However, CoinCodex analysts, who use technical analysis and market sentiment, estimate that ADA could see some more growth in the near future as they project that ADA could reach $0.348.
According to analysts are crypto trading platform Changelly, the price of ADA could move to $0.33 by the end of the month, which would still represent some downside taking into account the cryptocurrency’s current price level.
Despite the price rise, institutional investors haven’t been betting on Cardano-focused investment products, with these only seeing $6 million of inflows so far this year and $300,000 so far this month, according to CoinShares.
Cardano’s ADA could rise as much as 43.5% in November as historical data suggests that the cryptocurrency’s price could go up this month based on average returns, although its median return over the month suggests a potential decline of 2.5%.