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Coinbase to launch Solana perpetual futures; Will the SOL rally continue?

While Bitcoin (BTC) and Ethereum (ETH) are guaranteed to take the spotlight in any crypto market rally, Solana (SOL) has again proven to be a strong performer during the latest current uptrend. Indeed, the cryptocurrency is up more than 174% over the last 30 days.

Solana is also set to receive another boost soon as Coinbase (NASDAQ: COIN) is preparing to add support for its perpetual futures on its international exchange, as well as Coinbase Advanced, according to an announcement from Monday. 

The launch is expected to take place on Tuesday, November 14, provided the liquidity conditions are met.

Coinbase is also preparing to add support for the perpetual futures of another cryptocurrency that rose approximately 100% in the last 30 days – Avalanche (AVAX) – on the same day.

Solana to experience significant selling pressure in the near term

Throughout the current rally, Solana has been shadowed by the threat of major selloffs by FTX, Alameda Research, and Lido Finance. In early October, the Lido DAO voted to wind down its operations on SOl – likely by February 2024 – and its node operators are set for voluntary off-boarding all through November.

Sam Bankman-Fried’s bankrupt firms have been given the green light to liquidate their SOL on September 15. Indeed, they started moving the cryptocurrency by late October and have, as of early November, offloaded at least $100 million worth of SOL.

It is important to note, however, that despite the pressure, Solana has been rising fairly consistently. For example, in the 10 days leading up to November 3 – the period when FTX sold a batch of SOL – its price went from just over $30 to just under $40. 

Still, the danger of a major selloff persists as Alameda and FTX still hold an estimated $164 million worth of Solana.

Solana price analysis

SOL declined 1.04% over the last 24 hours and is standing at $58.42, according to the latest data at the time of publication, meaning it is close to highs not seen since the summer of 2022. Zooming slightly out, Solana rose 45.36% in the last 7 days.

SOL 1-day price chart. Source: Finbold

Similarly, its performance over the past month has been fairly staggering as it rose 174.73%. Additionally, SOL increased its market cap by about $20 billion in the last 52 weeks and is up 498.98% year-to-date (YTD).

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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