- Solana peaks at November 2021 highs, entering the $100 billion club.
- Meanwhile, the derivate market signals caution.
Moonvember continues to deliver on its promise, thrilling crypto enthusiasts with significant milestones and momentum. Among the most notable achievements was Solana [SOL] briefly entering the exclusive $100 billion club.
Despite the excitement, SOL’s stay in this prestigious club was short-lived, as its market capitalization soon retreated. At the time of writing, SOL’s market cap stood at $97.87 billion, marking a 0.51% increase over the past 24 hours, according to CoinMarketCap.
Solana in the $100 billion club
Although SOL’s market cap dipped below the $100 billion mark, the token continued to benefit from a strong bullish trend, bolstered by positive market sentiment and the 2024 U.S. elections.
At press time, the token was trading at $207, reflecting a 0.45% rise in the last 24 hours. Over the last week, Solana, known as the “Ethereum killer,” posted an impressive 27.82% gain.
This price was preceded by the altcoin reaching a three-year peak of $215 before slightly adjusting. Worth noting that the bull rally also pushed SOL over the $200 mark for the first time in six months.
Source: CoinMarketCap
Nevertheless, it was still 20% shy of its all-time high of $259, recorded in November 2021. Furthermore, AMBCrypto’s recent analysis indicated that the threat of correction loomed large. Thus, reclaiming the record high would likely prove challenging.
Derivate data analysis
Interestingly, the $100 billion club was the second milestone Solana achieved in November. Recently, its Open Interest [OI] hit a record high of $4.28 billion, as reported by AMBCrypto.
Data from Coinglass, however, showed that OI had since dipped by 5.18% at the time of reporting, hinting at possible profit-taking or a shift in market sentiment.
Despite this, trading volume surged by 55.38%, indicating increased market activity and robust momentum. The positive funding rate reinforced the prevailing bullish sentiment, even as a long/short ratio of 0.95 suggested a slight bearish leaning.
The mixed derivative signals pointed to a market with both bullish enthusiasm and underlying caution.
Solana token unlock
Meanwhile, the market was set to see an increase in SOL’s supply. According to Tokenomist, 524,030 SOL tokens, valued at $110.25 million, were scheduled for release in the next seven days. This amount represents about 0.11% of Solana’s circulating supply.
This increase in supply is relatively small and is unlikely to exert significant downward pressure on SOL’s price, provided market demand remains strong.
Solana’s achievements didn’t go unnoticed by major investors. Lookonchain noted that whales were actively accumulating SOL. For instance, a notable whale address recently added 7,500 SOL (valued at $1.57 million) to its portfolio.
Read Solana’s [SOL] Price Prediction 2024-25
Since the 22nd of October, this whale has accumulated a total of 257,599 SOL, valued at approximately $54 million, highlighting the strong interest among high-stakeholders in the current market trend.
