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Solana's native cryptocurrency, SOL, has surged over 50% in the past two weeks. Data shows that Nasdaq-listed crypto asset exchange Coinbase played a crucial role in supporting this upward move.
Solana's Rally Fueled by Coinbase Buyers
The total volume indicator (CVD) for SOL on Coinbase increased by nearly $1 million as of October 25, indicating a steady inflow of capital.
At the same time, CVD on exchanges such as Binance and Kraken also turned positive earlier this week. However, the South Korean stock exchange Upbit has shown a negative trend for the past two weeks.
The CVD metric essentially tracks the net difference between buying and selling volumes over time. Positive values indicate an excess of buying volume, while negative values indicate the opposite.
According to Riyad Carey, an analyst at Kaiko, the average transaction size on Coinbase has significantly outpaced that of other exchanges.
This shows the intense interest of institutions purchasing SOL through this widely recognized platform.
Coinbase's significant position in the SOL market is consistent with a recent report from VanEck, a multibillion-dollar institutional asset manager.
The report outlined an optimistic scenario that sees the price of SOL potentially rising to $3,200 by 2030.
This bullish prediction is based on the assumption that Solana could be the first blockchain capable of hosting applications with more than 100 million users.
*This is not investment advice.