{"id":517304,"date":"2023-01-24T10:38:48","date_gmt":"2023-01-24T15:38:48","guid":{"rendered":"https:\/\/wncen.com\/?p=517304"},"modified":"2023-03-08T07:26:29","modified_gmt":"2023-03-08T07:26:29","slug":"solana-network-on-hyperdrive","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana-network-on-hyperdrive\/","title":{"rendered":"Solana (SOL) Network On Hyperdrive As TVL And NFT Trade Volume Soars"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Solana (SOL) is on hyperdrive as the network quickly gains momentum in terms of liquidity which are seen at more than <a href=\"https:\/\/u.today\/solana-sol-hits-4x-in-open-interest-heres-why-it-might-end-ugly?amp\" target=\"_blank\" rel=\"noopener nofollow\">300%<\/a> as of press time. Following a sweeping price decline, Solana has turned the tide with metrics with flying colors.<\/span><\/p>\n<p>Here&#8217;s a quick glance at SOL performance of late:<\/p>\n<ul>\n<li><span style=\"font-weight: 400\">SOL metrics and trustworthiness score looking positive<\/span><\/li>\n<li><span style=\"font-weight: 400\">Solana\u2019s TVL seen to jump higher<\/span><\/li>\n<li><span style=\"font-weight: 400\">Solana rolls out Saga Pass Cards<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">There is sizeable growth seen both in terms of NFT with the rollout of the Saga Pass Cards and market cap.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Solana was seen to nosedive the past couple of weeks, but it\u2019s now back on the top 10 cryptocurrencies list that is stacked at the green lane.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/aptos-climbs-75\/\" target=\"_blank\" rel=\"noopener \">Aptos Climbs 75% \u2013 What Keeps APT In The Green In Last 7 Days<\/a><\/div>\n<h2><b>SOL Price Gaining Traction<\/b><\/h2>\n<p><span style=\"font-weight: 400\">According to<\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/solana\/\" target=\"_blank\" rel=\"noopener nofollow\"> price monitoring<\/a> by Coingecko<span style=\"font-weight: 400\">, SOL price is currently trading at $24.28, up 3.0% in the last seven days.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-517305 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/a-71.png?resize=789%2C95\" alt=\"\" width=\"789\" height=\"95\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/a-71.png?w=789 789w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/a-71.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/a-71.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/a-71.png?w=750 750w\" sizes=\"(max-width: 789px) 100vw, 789px\"><\/p>\n<p><span style=\"font-weight: 400\">Evidently, following the<a href=\"https:\/\/www.investopedia.com\/what-went-wrong-with-ftx-6828447\" target=\"_blank\" rel=\"noopener nofollow\"> FTX crash,<\/a> short-term traders and the bulls were fixated on SOL which unlocked roughly 100 million coins from different contacts which could have punched a hole in the market, driving the price of SOL to null or $0.<\/span><\/p>\n<p><span style=\"font-weight: 400\"> But, that didn\u2019t happen as SOL holders chose to hold out their coins waiting for better days and not panic and sell their SOL holdings.<\/span><\/p>\n<p><span style=\"font-weight: 400\">True enough, the market gained traction and recovered with most assets moving north, including SOL which made the investors extremely happy with the gains.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/PcgQHqen\/\" width=\"2047\" height=\"979\"><\/p>\n<pre style=\"text-align: center\">SOL total market cap at $8.9 billion on the daily chart | Chart: <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<p><span style=\"font-weight: 400\">With this hypergrowth happening with Solana, the investors decided to accumulate longs which triggered <\/span><a href=\"https:\/\/u.today\/solana-sol-hits-4x-in-open-interest-heres-why-it-might-end-ugly\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">SOL\u2019s open interest<\/span><\/a><span style=\"font-weight: 400\"> to accelerate higher. As a matter of fact, around $460 million worth of orders is currently open at crypto derivative exchanges. Could this be bad news for SOL?<\/span><\/p>\n<p><span style=\"font-weight: 400\">Now, the open interest really isn\u2019t the culprit here as it can\u2019t really pull SOL price down but it\u2019s the increased number of longs that could trigger a squeeze brought about by SOL holders rapidly selling their holdings to counterpunch future risks.<\/span><\/p>\n<p><span style=\"font-weight: 400\">On the brighter side, nothing is set in stone and SOL holders and investors need not panic right now as SOL has not gained much momentum yet to trigger millions in the liquidation of assets.<\/span><\/p>\n<h2><b>SOL Currently In No. 2 Spot On Top Chains List<\/b><\/h2>\n<p><span style=\"font-weight: 400\">SOL is performing so well that it managed to jump to the second spot on the top chains list in terms of NFT trade volume seen in the past month. SOL\u2019s NFT trade volume is seen to spike and gain momentum in the past couple of weeks.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Top chains by NFT volume (30 days)<\/p>\n<p>\ud83e\udd47<a href=\"https:\/\/twitter.com\/ethereum?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@ethereum<\/a><br \/>\n\ud83e\udd48<a href=\"https:\/\/twitter.com\/solana?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@solana<\/a><br \/>\n\ud83e\udd49<a href=\"https:\/\/twitter.com\/0xPolygon?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@0xPolygon<\/a><br \/>\n4\ufe0f\u20e3<a href=\"https:\/\/twitter.com\/Immutable?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@Immutable<\/a><br \/>\n5\ufe0f\u20e3<a href=\"https:\/\/twitter.com\/Cardano?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@Cardano<\/a><br \/>\n6\ufe0f\u20e3<a href=\"https:\/\/twitter.com\/flow_blockchain?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@flow_blockchain<\/a><br \/>\n7\ufe0f\u20e3<a href=\"https:\/\/twitter.com\/BNBCHAIN?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@BNBCHAIN<\/a> <a href=\"https:\/\/t.co\/trNHUxk1fB\" rel=\"nofollow\">pic.twitter.com\/trNHUxk1fB<\/a><\/p>\n<p>\u2014 Delphi Digital (@Delphi_Digital) <a href=\"https:\/\/twitter.com\/Delphi_Digital\/status\/38414337?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 21, 2023<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Solana Mobile<\/span><span style=\"font-weight: 400\"> has announced that they would be rolling out new cards on rotation. Basically, the first card is exclusive only to holders of the OG Saga Pass, and then a random card will be introduced every week.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Additionally, the Saga Pass Card Collection is set to be verified via MagicEden real soon.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-517306 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/a-72.png?resize=860%2C283\" alt=\"\" width=\"860\" height=\"283\"><\/p>\n<pre style=\"text-align: center\">SOL TVL. Image: Defillama<\/pre>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/apecoin-buckles-on-stolen-bayc\/\" target=\"_blank\" rel=\"noopener \">ApeCoin Buckles As News Of Stolen BAYC NFT Hits The Market<\/a><\/div>\n<p><span style=\"font-weight: 400\">Meanwhile, according to DeFiLlama&#8217;s numbers, the total value locked in the network has been on the rise since the start of the year, which is encouraging.<\/span><\/p>\n<p><em>Featured image by Manula.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana (SOL) is on hyperdrive as the network quickly gains momentum in terms of liquidity which are seen at more than 300% as of press time. Following a sweeping price decline, Solana has turned the tide with metrics with flying colors. Here&#8217;s a quick glance at SOL performance of late: SOL metrics and trustworthiness score looking positive Solana\u2019s TVL seen to jump higher Solana rolls out Saga Pass Cards There is sizeable growth seen both in terms of NFT with the rollout of the Saga Pass Cards and market cap. Solana was seen to nosedive the past couple of weeks, but it\u2019s now back on the top 10 cryptocurrencies list that is stacked at the green lane. Related Reading: Aptos Climbs 75% \u2013 What Keeps APT In The Green In Last 7 Days SOL Price Gaining Traction According to price monitoring by Coingecko, SOL price is currently trading at $24.28, up 3.0% in the last seven days. Evidently, following the FTX crash, short-term traders and the bulls were fixated on SOL which unlocked roughly 100 million coins from different contacts which could have punched a hole in the market, driving the price of SOL to null or $0. But, that didn\u2019t happen as SOL holders chose to hold out their coins waiting for better days and not panic and sell their SOL holdings. True enough, the market gained traction and recovered with most assets moving north, including SOL which made the investors extremely happy with the gains. SOL total market cap at $8.9 billion on the daily chart | Chart: TradingView.com With this hypergrowth happening with Solana, the investors decided to accumulate longs which triggered SOL\u2019s open interest to accelerate higher. As a matter of fact, around $460 million worth of orders is currently open at crypto derivative exchanges. Could this be bad news for SOL? Now, the open interest really isn\u2019t the culprit here as it can\u2019t really pull SOL price down but it\u2019s the increased number of longs that could trigger a squeeze brought about by SOL holders rapidly selling their holdings to counterpunch future risks. On the brighter side, nothing is set in stone and SOL holders and investors need not panic right now as SOL has not gained much momentum yet to trigger millions in the liquidation of assets. SOL Currently In No. 2 Spot On Top Chains List SOL is performing so well that it managed to jump to the second spot on the top chains list in terms of NFT trade volume seen in the past month. SOL\u2019s NFT trade volume is seen to spike and gain momentum in the past couple of weeks. Top chains by NFT volume (30 days) \ud83e\udd47@ethereum \ud83e\udd48@solana \ud83e\udd49@0xPolygon 4\ufe0f\u20e3@Immutable 5\ufe0f\u20e3@Cardano 6\ufe0f\u20e3@flow_blockchain 7\ufe0f\u20e3@BNBCHAIN pic.twitter.com\/trNHUxk1fB \u2014 Delphi Digital (@Delphi_Digital) January 21, 2023 Solana Mobile has announced that they would be rolling out new cards on rotation. Basically, the first card is exclusive only to holders of the OG Saga Pass, and then a random card will be introduced every week. Additionally, the Saga Pass Card Collection is set to be verified via MagicEden real soon. SOL TVL. Image: Defillama Related Reading: ApeCoin Buckles As News Of Stolen BAYC NFT Hits The Market Meanwhile, according to DeFiLlama&#8217;s numbers, the total value locked in the network has been on the rise since the start of the year, which is encouraging. Featured image by Manula.com<\/p>\n","protected":false},"author":557,"featured_media":517309,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87672,12837,86990,86420,83626,85361],"class_list":["post-517304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-saga-pass-cards","tag-sol","tag-sol-nft","tag-sol-price","tag-solana","tag-solana-price"],"acf":[],"yoast_head":"\n<title>Solana (SOL) Network On Hyperdrive As TVL And NFT Trade Volume Soars<\/title>\n<meta name=\"description\" content=\"Solana (SOL) is on hyperdrive as the network quickly gains momentum in terms of liquidity which are seen at more than 300% as of press time. 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