Solana Soars 19% Amid Market Consolidation, Commands Notable ‘Kimchi Premium’ in South Korea

Bitcoin and ethereum have remained stable on Wednesday, showing little change in their values recently. In contrast, solana (SOL) experienced a notable surge, climbing over 19% against the U.S. dollar, moving from a low of $52.92 to a peak of $63.32. Despite a minor decrease following its rise into the $63 range, solana’s value still holds a 9% increase. As of November 15, solana boasts the sixth-highest trading volume among all cryptocurrencies.

Solana Rises Sharply Gathering Steam from South Korean Volumes

This week has witnessed a significant surge in the value of SOL, the native digital currency of Solana, a layer one (L1) blockchain network. In the span of the last seven days, SOL’s value has escalated by over 45% when measured against the U.S. dollar.

Over the past month, this increase has been even more pronounced, with SOL showing a 167% rise. On Wednesday, November 15, 2023, SOL demonstrated a dynamic trading range, fluctuating between $52.92 and $63.32 per unit.

SOL/USD on Wednesday, November 15, 2023, at 12:26 p.m. (ET).

This marks a notable 19% increase from the opening price at the beginning of the day’s trading activities. Despite SOL’s impressive growth, it remains over 75% below its November 2021 peak, which saw values reaching $259 per coin.

During the last 24 hours, SOL notched a significant $3.31 billion in 24-hour global trade volume, ranking it as the sixth largest for the day. In the realm of market capitalization among over 10,000 cryptocurrency assets, SOL also holds the sixth position.

On Wednesday, the dominant trading pair for solana is USDT, comprising 59% of all SOL trades. Tether is trailed by USD (16.64%), KRW (12.3%), BTC (4.26%), and BUSD (2.18%) as SOL’s top trading pairs on November 15.

Presently, a modest ‘Kimchi premium’ is observed for SOL in South Korea, with prices at $64.34 per unit on Bithumb and $63.61 on Upbit, while the global average stands at $61.80 per SOL as of 12:26 p.m. (EST). At the same time, on Wednesday afternoon, SOL is the top trading pair on Upbit, accounting for 7.65% of the exchange’s total trading volume.

What do you think about solana’s rise this week and the 19% jump on Wednesday? Share your thoughts and opinions about this subject in the comments section below.

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