2021-4-23 16:56 |
SOL is unstoppable. While the cryptocurrency market crashed, ‘sam coin’ SOL went and hit a new all-time high. Hitting a new ATH just above $41, it was followed by a pullback of nearly 24% to $31.3850. As of writing, SOL is trading at around $35.
This isn’t the first time that SOL has bucked the trend. During the last sell-off on the weekend as well, while BTC, Ether, and altcoins took a beating, SOL recovered fast to hit ATH at the time.
One potential reason could be less degen trading in SOL. Bitcoin (BTC), Ethereum (ETH), XRP, DOGE, Cardano (ADA), Polkadot (DOT), and BNB are the most popular cryptos in liquidations.
BTC -10.84%
Bitcoin / USD
BTCUSD
$ 49,054.82
-$5,317.54
-10.84%
Volume 94.38 b
Change -$5,317.54
Open $49,054.82
Circulating 18.69 m
Market Cap 916.79 b
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ETH -12.63%
Ethereum / USD
ETHUSD
$ 2,229.33
-$281.56
-12.63%
Volume 61.07 b
Change -$281.56
Open $2,229.33
Circulating 115.59 m
Market Cap 257.68 b
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XRP -18.56%
XRP / USD
XRPUSD
$ 1.07
-$0.20
-18.56%
Volume 22.71 b
Change -$0.20
Open $1.07
Circulating 45.4 b
Market Cap 48.78 b
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DOGE -24.49%
Dogecoin / USD
DOGEUSD
$ 0.22
-$0.05
-24.49%
Volume 16.61 b
Change -$0.05
Open $0.22
Circulating 129.31 b
Market Cap 28.72 b
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ADA -13.16%
Cardano / USD
ADAUSD
$ 1.07
-$0.14
-13.16%
Volume 7.61 b
Change -$0.14
Open $1.07
Circulating 31.95 b
Market Cap 34.16 b
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DOT -11.09%
Polkadot / USD
DOTUSD
$ 31.34
-$3.48
-11.09%
Volume 4.93 b
Change -$3.48
Open $31.34
Circulating 932.02 m
Market Cap 29.21 b
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On the record $10.1 billion liquidation day, SOL only accounted for $18.11 million of it, both long and short. As for in the past 24 hours, $37.73 million were liquidated, the majority being short, as per Bybt.
Up 1,751% YTD, SOL was trading at about $1 right before entering 2021. It was around this time, in early January, when the founder and CEO of crypto exchange FTX, Sam Banman-Fried, in a bet with a trader who argued SOL is overvalued at around $3, said, “I'll buy as much SOL as you have, right now, at $3. Sell me all you want. Then go fuck off.”
SOL hasn’t seen that level again so far. It is currently the 15th largest cryptocurrency with a market cap of $9.25 billion.
SOL is the native token of public blockchain Solana that boasts scalability, low fees, and high transaction processing, the biggest bottleneck of the second largest network, Ethereum.
With the congestion and high fees on Ethereum pricing out smaller users, Solana and BSC have been attracting most of this audience.
Solana is a proof-of-stake (PoS) blockchain, which Ethereum is working towards, where SOL token holders get reward incentives for staking their tokens to secure the network.
Bankman-Fried’s team chose Solana blockchain to build Serum, a decentralized exchange (DEX). On Friday, Serum announced that they had depreciated the SerumSwap, and liquidity will now be removed. The team said,
“After considerable discussion with liquidity providers, code maintainers, and users, it was determined that alternatives provide suitable product functionality, and the high maintenance overhead was no longer justified.”
Solana/USD SOLUSD 34.7561 -$1.42 -4.09% Volume 2.08 b Change -$1.42 Open$34.7561 Circulating 270.02 m Market Cap 9.38 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=SOL&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~SOL~USD"); The post SOL Bucks the Trend and Hit a New ATH as Crypto Market Sees Another Sell-off first appeared on BitcoinExchangeGuide.Similar to Notcoin - TapSwap on Solana Airdrops In 2024
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