- Solana hit a record high in November 2021, entering the $100 billion club.
- Meanwhile, the derivatives market is sending warning signals.
Moonvember continues to deliver on its promises, impressing cryptocurrency enthusiasts with important milestones and momentum. One of the most notable achievements was Solana (SOL) briefly entering the exclusive $100 billion club.
Despite the excitement, SOL’s stay at the prestigious club was short-lived and its market capitalization soon fell. As of this writing, SOL’s market capitalization is $97.87 billion, up 0.51% over the past 24 hours. CoinMarketCap.
Solana in the $100 billion club
Although SOL’s market capitalization fell below $100 billion, the token continued to benefit from positive market sentiment and a strong bullish trend fueled by the 2024 US elections.
At press time, the token was trading at $207, up 0.45% over the past 24 hours. Last week, Solana, known as the ‘Ethereum killer’, recorded an impressive rise of 27.82%.
This price preceded altcoins. It reached a three-year high of $215 before a slight correction. It is also worth noting that the rally pushed SOL above $200 for the first time in six months.
Source: CoinMarketCap
Nonetheless, it is still 20% below the all-time high of $259 recorded in November 2021. Moreover, AMBCrypto’s recent analysis shows that the threat of mediation is likely to grow. Therefore, it seems difficult to regain the all-time high.
Derived data analysis
Interestingly, the $100 billion club was the second milestone Solana achieved in November. Recently, open interest (OI) hit an all-time high of $4.28 billion. reported Provided by AMBCrypto.
However, OI was down 5.18% at the time of reporting, suggesting possible profit taking or a change in market sentiment, according to data from Coinglass.
Nonetheless, volume surged 55.38%, indicating increased market activity and strong momentum. The positive funding ratio reinforced the prevailing bullish sentiment, although the long/short ratio of 0.95 suggested a slight bearish trend.
Mixed derivatives signals pointed to a market where both bullish enthusiasm and fundamental caution existed.
Unlock Solana Tokens
Meanwhile, the supply of SOL was expected to increase in the market. According to At Tokenomist, 524,030 SOL tokens worth $110.25 million were scheduled to be released in the next seven days. This amount represents approximately 0.11% of Solana’s circulating supply.
This increase in supply is relatively small and is unlikely to put significant downward pressure on SOL prices if market demand remains strong.
Solana’s achievements did not go unnoticed by major investors. Lookonchain noted that whales are actively accumulating SOL. For example, a notable whale address recently added 7,500 SOL (worth $1.57 million) to its portfolio.
Read Solana (SOL) price prediction for 2024-25
Since October 22, this whale has accumulated a total of 257,599 SOL, worth approximately $54 million, highlighting the strong interest of key stakeholders in current market trends.