Cryptocurrency

Solana

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 <p class="paragraph">Solana (SOL) is the best-performing cryptocurrency of the week, with a price increase superior to 34% in the last seven days. However, the most relevant surge is within its spot exchange and derivatives volume in the day, both more than doubling up on November 2.</p>
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 <p class="paragraph">At the time of publication, data retrieved by Finbold from <em>CoinMarketCap</em> and <em>CoinGlass</em> show impressive <a rel="noopener noreferrer nofollow" title="surges" href="https://thebittimes.com/tag/surges.html">surges</a> in both <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a> indexes in the last 24 hours, with an increase of 106% on the spot exchange <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a> from the first source and over 110% in the <a rel="noopener noreferrer nofollow" title="derivatives" href="https://thebittimes.com/tag/derivatives.html">derivatives</a> operations <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a> for SOL.</p>
 <p class="paragraph">Notably, Solana registered a 24-hour volume of $3.78 billion, which corresponds to 21% of its native token’s market capitalization of $17.75 billion, as SOL is trading at $42.9 by press time.</p>
 <figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="550" height="252" src="https://cdn.thebittimes.com/images/2023/11/02/6cb0518fa55d6843b7f5d72868009741.webp" alt="SOL stats: Market Cap, Volume (24h), and Volume/Market cap (24h).
" class="wp-image-135315" srcset="https://cdn.thebittimes.com/images/2023/11/02/6cb0518fa55d6843b7f5d72868009741.webp 550w, https://cdn.thebittimes.com/images/2023/11/02/6cb0518fa55d6843b7f5d72868009741.webp 300w" sizes="(max-width: 550px) 100vw, 550px">
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   SOL stats: Market Cap, Volume (24h), and Volume/Market cap (24h). Source: <em>CoinMarketCap</em>
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 <p class="paragraph">Despite this high volume of SOL changing hands in the spot market, the cryptocurrency is now seeing a massive spike in demand for derivative contracts, which gets more meaningful as both Bitcoin’s (BTC) and Ethereum’s (ETH) derivatives volumes have increased in a slower pace in the same period.</p>
 <h2 class="wp-block-heading" id="h-solana-derivatives-with-increased-trading-demand">Solana derivatives with increased trading demand</h2>
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 <p class="paragraph">While Solana gets a 110% volume increase in its derivatives contracts, the two leading projects by market cap have also seen surges of 76% and 67%, respectively, in the crypto derivatives trend index by <em>CoinGlass</em>.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="278" src="https://cdn.thebittimes.com/images/2023/11/02/e84d0d7279ed59ab72e5170d9c2d0cf6.webp" alt="Crypto Derivatives Trend." class="wp-image-135317" srcset="https://cdn.thebittimes.com/images/2023/11/02/e84d0d7279ed59ab72e5170d9c2d0cf6.webp 1024w, https://cdn.thebittimes.com/images/2023/11/02/e84d0d7279ed59ab72e5170d9c2d0cf6.webp 300w, https://cdn.thebittimes.com/images/2023/11/02/e84d0d7279ed59ab72e5170d9c2d0cf6.webp 768w, https://cdn.thebittimes.com/images/2023/11/02/e84d0d7279ed59ab72e5170d9c2d0cf6.webp 1536w, https://cdn.thebittimes.com/images/2023/11/02/e84d0d7279ed59ab72e5170d9c2d0cf6.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Crypto Derivatives Trend. Source: <em>CoinGlass</em>
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 <p class="paragraph">Therefore, it means that crypto traders are mostly migrating their derivatives operations towards Solana’s native token instead of other competitors.</p>
 <p class="paragraph">At the time of publication, SOL <a rel="noopener noreferrer nofollow" title="derivatives" href="https://thebittimes.com/tag/derivatives.html">derivatives</a> registered a total flow of $11.42 billion, which is three times as high as the already highlighted spot exchange <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a>. This amount also corresponds to half of the ETH’s 24-hour <a rel="noopener noreferrer nofollow" title="derivatives" href="https://thebittimes.com/tag/derivatives.html">derivatives</a> <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a>.</p>
 <p class="paragraph">Interestingly, as the derivatives volume increases, Solana investors could possibly expect another price surge for the token, as both metrics seem fairly correlated according to a chart also retrieved from <em>CoinGlass</em>.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="236" src="https://cdn.thebittimes.com/images/2023/11/02/94f3fa943885c037b114ec96c8d373e3.webp" alt="Solana Derivatives Volume." class="wp-image-135320" srcset="https://cdn.thebittimes.com/images/2023/11/02/94f3fa943885c037b114ec96c8d373e3.webp 1024w, https://cdn.thebittimes.com/images/2023/11/02/94f3fa943885c037b114ec96c8d373e3.webp 300w, https://cdn.thebittimes.com/images/2023/11/02/94f3fa943885c037b114ec96c8d373e3.webp 768w, https://cdn.thebittimes.com/images/2023/11/02/94f3fa943885c037b114ec96c8d373e3.webp 1536w, https://cdn.thebittimes.com/images/2023/11/02/94f3fa943885c037b114ec96c8d373e3.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Solana Derivatives Volume. Source: <em>CoinGlass</em>
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 <p class="paragraph">Nevertheless, historical correlation does not necessarily mean that the price will continue to follow this metric. Derivatives data also suggests that there are more traders opening short positions than long positions right now.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/solana-derivatives-volume-surges-by-110-here-s-what-it-means-tbt68846.html">https://thebittimes.com/solana-derivatives-volume-surges-by-110-here-s-what-it-means-tbt68846.html</a></p>

Solana derivatives volume surges by 110%; Here’s what it means

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