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It has been a significant day for Solana. The capitalization of the ninth-largest cryptocurrency has increased by almost 7 percent during the last day.
The price of SOL, Solana's native token, increased from $35.22 to $38.87 on Tuesday morning. Since then, it has retraced to $38.27 as of press time.
Solana is a fast proof-of-stake (PoS) blockchain network that permits many of the same functions as Ethereum, such as decentralized finance (DeFi) apps and non-fungible tokens (NFTs).
A substantial rise in trade volume underpins the recent bullish movement. CoinMarketCap reported an increase of 93.74% across Binance, FTX, Coinbase, and Kucoin during the previous 24 hours. The U.S. dollar or its stablecoin counterparts is the most common trading pair.
Taking an even bigger step back, Solana’s token has increased by a staggering 15% in the previous week. Last Tuesday, SOL traded for around $33 per share.
During the previous twenty-four hours, traders holding short SOL positions were also wiped out. There have been total liquidations of $4.09 million, of which more than 82% were short positions. According to CoinGlass, the majority of these negative liquidations happened on Binance.
Short sellers must first borrow the asset from a broker or exchange before selling it. They then sell the purchase on the open market, assuming its price would decline. If the asset declines in value, the trader will repurchase it at a lower price, return the loan (which is priced in the asset, not in fiat currency), and pocket the difference as profit.
However, if the market swings against the trader, they may lose money by repurchasing an item that is appreciated in value to return the loan.
The current price movement of SOL is likely attributable to an increase in Solana-based NFT volume and the anticipated merger of the major Internet-of-things crypto project Helium Network with Solana.
According to statistics from Nansen, the number of Solana NFT transactions across all markets and mints reached a record high on September 12, with over one million total transactions.
According to CryptoSlam data, this activity is driven by the y00ts, Solswipe, and ABC (abracadabra) NFT collections.
Alongside the growing volume of NFTs, Helium intends to shift all of its activities to the Solana blockchain.
Helium is a peer-to-peer network of several physical “hotspots” that attempts to increase internet access in areas with limited coverage. Those who host and power a hotspot are compensated with native HNT coins.
According to Helium Improvement Proposal (HIP) 70, Helium would migrate from its blockchain to Solana, taking the HNT coin, governance processes, and mining incentives with it.
It would also give the Helium community more access to Solana’s DeFi and NFT ecosystems.