💸 Why is Solana $SOL Coin Rising? 💸
Solana, which was caught up in FUD with the FTX crash and lost value much faster than the rest of the market, started to recover again. $SOL coin has gained approximately more than 20% in the last seven days, according to CoinMarketCap data.
Recently, Solana has attracted attention with its rise. It can be said that a large part of this rise is due to the interest of institutional investors in Solana. The fact that institutional investors see that Solana is a blockchain platform that stands out with its fast and low-cost transaction capabilities seems to be one of the main reasons behind this increase.
SOL coin, which fell below $ 32.50, managed to break through this resistance again in a few days. The major coin, which found buyers at $38 at the time we wrote our article, will want to test the range of $40 - $45, which is the critical point in front of it. BTC's loosening towards 30 thousand dollars may slowly pull SOL to lower levels. In such a situation, there may be decreases up to 34 – 29 dollars respectively. Data from CoinGlass shows that more than $4.3 million in short positions have been liquidated on Solana in the last 48 hours.
Why is Solana Rising?
It can be said that a large part of this rise is due to the interest of institutional investors in Solana. Solana stands out as a blockchain platform that offers fast transaction confirmations and low transaction fees. These features are especially important for institutional investors because lowering transaction costs and increasing transaction speed can impact decision-making processes for large investors. Solana's performance and scalability make this platform preferred in the corporate world...
