Solana derivatives volume surges by 110%; Here’s what it means
Solana (SOL) is the best-performing cryptocurrency of the week, with a price increase superior to 34% in the last seven days. However, the most relevant surge is within its spot exchange and derivatives volume in the day, both more than doubling up on November 2. At the time of publication, data retrieved by Finbold from CoinMarketCap and CoinGlass show impressive surges in both volume indexes in the last 24 hours, with an increase of 106% on the spot exchange volume from the first source and over 110% in the derivatives operations volume for SOL. Notably, Solana registered a 24-hour volume of $3.78 billion, which corresponds to 21% of its native token’s market capitalization of $17.75 billion, as SOL is trading at $42.9 by press time. SOL stats: Market Cap, Volume (24h), and Volume/Market cap (24h). Source: CoinMarketCap Despite this high volume of SOL changing hands in the spot market, the cryptocurrency is now seeing a massive spike in demand for derivative contracts, wh...