SOL (Solana) increased by 6.93% in the last 24 hours

Gate News Bot Message, November 10th, according to CoinMarketCap data, as of press time, SOL (Solana) is trading at $167.89, up 6.93% in the past 24 hours, with a high of $168.20 and a low of $146.75. The 24-hour trading volume reached $4.811 billion. The current market capitalization is approximately $92.943 billion, an increase of $6.022 billion from yesterday. SOL is currently ranked 6th in cryptocurrency market capitalization.

Recent important news about SOL:

1️⃣ Institutional Funds Continue to Flow into SOL ETF The Bitwise Solana ETF (BSOL) has seen continuous inflows, with daily fund inflows over the past 8 days totaling more than $500 million. Since its listing, the US SOL spot ETF has maintained net inflows for 8 trading days, with a total inflow of $323 million. This reflects ongoing confidence from institutional investors in SOL, providing strong support for its price.

2️⃣ Ecosystem Continues to Expand Solana is collaborating with projects like Fireblocks and Monad to promote cross-chain payment standardization, jointly establishing the Blockchain Payment Consortium. The alliance aims to create a universal framework for cross-chain payments and improve cross-chain stablecoin trading experiences. This initiative is expected to enhance Solana’s competitiveness in the payments sector and attract more users and developers.

3️⃣ Divergence in Institutional Holdings Nasdaq-listed company Forward Industries holds approximately 6.82 million SOL, currently at a loss of about 24.13%. Meanwhile, another listed company, Upexi, disclosed that its SOL holdings increased to over 2.1 million, with an unrealized profit of approximately $15 million. The divergence in institutional holdings reflects different investment strategies and entry points, highlighting the opportunities and challenges brought by SOL’s price volatility.

From a technical perspective, SOL’s price increased 6.93% over the past 24 hours, indicating strong upward momentum. Considering ongoing institutional inflows, ecosystem expansion, and profit-taking by some institutions, SOL may continue to perform strongly in the short term. However, investors should remain cautious of market volatility and closely monitor subsequent price movements and trading volume.

This message is not investment advice; please be aware of market risks.