Analysts from cryptocurrency analysis firm Kaiko have delved into the roots of the recent massive rally in Solana (SOL).
SOL price had climbed more than 70% in the last 30 days.
Since the rally that began around October 18, SOL has attracted significant buy-side interest from US investors and especially users of cryptocurrency exchange Coinbase, according to analysts. Coinbase users purchased a net of 2.2 million SOL tokens.
The relative rise of SOL against the Ethereum price moved the ratio between the two cryptocurrencies from 0.011 to 0.025.
Binance followed Coinbase closely until early November, when market buying increased rapidly, reaching a cumulative volume delta (CVD) of 1.9 million since October 18.
However, South Korea's largest exchange, Upbit, broke away from this trend and saw a net sale of approximately 4 million SOL tokens. This is consistent with previous observations that the Korean market generally behaves differently from other markets.
In terms of transaction volume, SOL; DOGE topped the list of most traded altcoins on existing exchanges in the US this year, surpassing LTC, MATIC and XRP.
During this period, SOL was under selling pressure on SOL assets worth over $1 billion under the new management of the bankrupt cryptocurrency exchange FTX.
*This is not investment advice.
