SOL (Solana) increased by 2.47% over the past 24 hours.

Gate News Update: On November 6th, according to CoinMarketCap data, Solana (SOL) is trading at $159.29, up 2.47% over the past 24 hours. The price reached a high of $189.85 and a low of $146.75 during this period, with a 24-hour trading volume of $5.729 billion. Its current market capitalization is approximately $88.045 billion, an increase of $2.124 billion from yesterday, ranking it 6th among global cryptocurrencies.

Solana is a high-performance blockchain platform that provides powerful tools for developers and delivers fast user experiences. It supports a wide range of applications—from seasoned users to newcomers—aiming to bring blockchain technology to the masses. The Solana network is validated by thousands of independent nodes, ensuring data security and censorship resistance. Its innovative proof-of-stake mechanism and other technologies minimize environmental impact, with each Solana transaction consuming energy comparable to a few Google searches.

Recent key news about SOL:

1️⃣ Continued Institutional Investment Interest
Grayscale announced fee discounts for its Solana Trust ETF (GSOL), temporarily waiving management fees and reducing staking-related costs until the fund reaches $1 billion in assets or for up to three months. The fund has already staked up to 100% of its SOL holdings, offering a staking yield of 7.23%. This move aims to attract more investors and reflects ongoing institutional confidence in SOL.

2️⃣ Diverging Performance of Major Holders
Forward Industries (FORD) currently holds about 6.82 million SOL, with an average purchase price of around $232, resulting in an unrealized loss of approximately $382 million at current prices. Meanwhile, Upexi has disclosed holdings of over 2.1 million SOL, with an unrealized profit of about $15 million. This divergence highlights different investment strategies and entry points among institutions, as well as the challenges and opportunities posed by SOL’s price volatility.

3️⃣ High Trading Activity
On-chain data shows frequent large transactions. One major investor deposited $10 million USDC on Hyperliquid and opened a long position worth $26.14 million in SOL. Additionally, three wallets withdrew 549 SOL from exchanges and purchased 5.07 million GHOST tokens. These activities indicate strong market interest in SOL, which could influence short-term price movements.

From a technical perspective, SOL’s price increased 2.47% over the past 24 hours, indicating some upward momentum. However, since some large holders are still at a loss, there may be selling pressure ahead. Investors should closely monitor upcoming price trends and volume changes to assess potential risks.

Please note: This information is not investment advice. Market volatility can impact asset values.