Solana Soars 19% Amid Market Consolidation, Commands Notable ‘Kimchi Premium’ in South Korea

Bitcoin and ethereum person remained unchangeable connected Wednesday, showing small alteration successful their values recently. In contrast, solana (SOL) experienced a notable surge, climbing implicit 19% against the U.S. dollar, moving from a debased of $52.92 to a highest of $63.32. Despite a insignificant alteration pursuing its emergence into the $63 range, solana’s worth inactive holds a 9% increase. As of November 15, solana boasts the sixth-highest trading measurement among each cryptocurrencies.

Solana Rises Sharply Gathering Steam from South Korean Volumes

This week has witnessed a significant surge successful the worth of SOL, the autochthonal integer currency of Solana, a furniture 1 (L1) blockchain network. In the span of the past 7 days, SOL’s worth has escalated by implicit 45% erstwhile measured against the U.S. dollar.

Over the past month, this summation has been adjacent much pronounced, with SOL showing a 167% rise. On Wednesday, November 15, 2023, SOL demonstrated a dynamic trading range, fluctuating betwixt $52.92 and $63.32 per unit.

This marks a notable 19% summation from the opening terms astatine the opening of the day’s trading activities. Despite SOL’s awesome growth, it remains implicit 75% beneath its November 2021 peak, which saw values reaching $259 per coin.

During the past 24 hours, SOL notched a important $3.31 cardinal successful 24-hour planetary commercialized volume, ranking it arsenic the sixth largest for the day. In the realm of marketplace capitalization among implicit 10,000 cryptocurrency assets, SOL besides holds the sixth position.

On Wednesday, the ascendant trading brace for solana is USDT, comprising 59% of each SOL trades. Tether is trailed by USD (16.64%), KRW (12.3%), BTC (4.26%), and BUSD (2.18%) arsenic SOL’s apical trading pairs connected November 15.

Presently, a humble ‘Kimchi premium’ is observed for SOL successful South Korea, with prices astatine $64.34 per portion connected Bithumb and $63.61 connected Upbit, portion the planetary mean stands astatine $61.80 per SOL arsenic of 12:26 p.m. (EST). At the aforesaid time, connected Wednesday afternoon, SOL is the apical trading brace connected Upbit, accounting for 7.65% of the exchange’s full trading volume.

What bash you deliberation astir solana’s emergence this week and the 19% leap connected Wednesday? Share your thoughts and opinions astir this taxable successful the comments conception below.