30s Summary

On October 11th, Solana’s (SOL) price increased by 5%, rallying above $144. This uptick is part of a broader upward Crypto market trend. The increase in use of the Solana network, particularly ‘liquid staking,’ contributes to its success, hitting $5.2 billion on October 10th. Active staking ecosystems are JITO, Marinade, and Jupiter. Growth in meme coin transactions on Solana’s chain has also increased. Daily transactions rose from 13,351 on October 8th to 14,495 two days later. Furthermore, the liquidation of futures in Solana’s derivatives market also contributed to its success.

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Good news for Solana (SOL) fans! On October 11th, the price jumped 5% over the course of 24 hours, rallying above $144. This comeback means it’s now back on track after a bit of a bumpy ride over the past two days.

This price increase isn’t happening in a vacuum; it’s part of a bigger upward trend that’s happening across the entire cryptocurrency market. What’s more, Solana’s underlying tech and community are both getting stronger and stronger.

What’s behind Solana’s recent success, you ask? Let’s dig a bit deeper.

An increasing number of people have been engaging with the Solana network by participating in something known as ‘liquid staking’ — a sign that Solana is about more than just trading meme coins, fun as that can be. The total amount of money in liquid staking on Solana has shot up since August. It hit $5.2 billion on October 10th, more than 7% of Solana’s total market cap.

The three biggest players in the Solana liquid staking ecosystem are: JITO ($1.88 billion), Marinade ($742.3 million), and Jupiter ($477 million). All this activity with different staking platforms suggests that Solana is attracting a lot of users with a diverse range of interests.

But let’s not forget about the meme coins. This fun form of currency continues to be a major source of activity on the Solana chain. The number of transactions have gone up quite a bit over the past few days.

Looking at the numbers, the volume of daily transactions on Solana went up from 13,351 on October 8th to 14,495 just two days later. This increase in the number of transactions highlights that the network is seeing a lot of action, and becoming more popular. This uptick in user engagement is likely contributing to Solana’s recent price gains.

Another contributing factor to Solana’s recent success is the liquidation of futures in its derivatives market. Approximately $3.2 million in SOL short positions were liquidated on October 11th. Overall across the crypto market, $58 million in leveraged positions were liquidated over the last 12 hours, with $50 million being short positions.

As a bonus, CoinGlass data shows that if SOL price hits $150, a further $113.3 million would get liquidated. Exciting times indeed!

Word of caution: This article isn’t financial advice! Trading and investing can be risky, so please do your own research before jumping in.

Source: Cointelegraph