HomeUncategorizedWhy is Solana price up this week? By Cointelegraph

Why is Solana price up this week? By Cointelegraph

November 12, 2023

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The price of Solana (SOL) has soared 40% this week to establish a new 2023 high at around $58.

That is Solana’s best weekly performance since January 2023. Many factors have contributed to the gains, including a general cryptocurrency market uptrend led by ETF euphoria and growing appetite for risk overall.

Solana (SOL) weekly price chart. Source: TradingView
Institution net flows across crypto funds. Source: CoinShares
Top cryptos 7-day and 30-day performances. Source: Messari
Solana futures Open Interest. Source: Coinglass
Solana OI-weighted funding rate rate. Source: Coinglass
weekly price chart. Source: TradingView
SOL/USD weekly price chart. Source: TradingView