Derivatives Data Suggests Solana Has Hit Short-Term High By Cointelegraph

Derivatives data suggest Solana has hit a short-term high

Solana (SOL) hit an all-time high of $ 216 on September 9 after rallying 508% since August. The bull run caused some analysts to project a $ 500 goal which would translate into a market capitalization of $ 150 billion.

It is worth noting that during the SOL rally, the average network transaction fee had exceeded $ 40. Increasing interest in the NFT market accelerated investors’ transition to Solana, which was driven by FTX NFT Market Launch September 6.

Solana, Avalanche and Cosmos price on Binance. Source: TradingView
Solana futures add open interest. Source: Bybt.com
Solana perpetual futures 8-hour funding rate. Source: Bybt.com