- Solana’s SOL token has surged approximately 50% in the past two weeks.
- SOL’s cumulative volume delta (CVD) on Coinbase increased by nearly $1 million since October 25th.
- The median SOL order size on Coinbase is higher than on other exchanges.
Solana’s SOL token has surged around 50% over the past two weeks, with data indicating significant spot inflows coming from regulated US exchange Coinbase.
According to blockchain analytics firm Kaiko, SOL’s cumulative volume delta (CVD) on Coinbase has grown nearly $1 million since October 25th. The metric tracks net capital inflows and outflows.
Kaiko says the median SOL order size on Coinbase has outpaced other exchanges, potentially signaling institutional buyer interest on the Nasdaq-listed platform.
Coinbase is taking SOL lead
Coinbase has seen consistently positive SOL CVD since late October, while flows on Binance and Kraken turned favorable more recently.
On South Korean venue Upbit, meanwhile, SOL CVD has trended negative over the past two weeks.
The data underscores Coinbase’s dominant role in recent SOL spot trading. Last week, institutional manager VanEck published a bullish $3,200 SOL price forecast for 2030 based on mass adoption scenarios.
SOL crumbles after SBF fraud verdict
Despite ongoing price strength, Solana’s on-chain activity has yet to pick up steam. The total value locked in Solana DeFi has sunk to its lowest level since April 2021 according to CoinMarketCap data.
Solana remains one of the top-performing cryptos year-to-date, gaining nearly 250%. However, SOL crashed 9% on Tuesday following FTX founder Sam Bankman-Fried’s fraud conviction.
SBF had been one of Solana’s biggest backers, and the verdict may have contributed to SOL’s plunge despite ongoing inflows. While SOL has rebounded this week, SBF’s downfall may limit upside if it reduces confidence in Solana.
So far, price data indicates persistent spot interest in SOL amid its resurgence. But deteriorating on-chain trends and SBF uncertainty could weigh on Solana’s upside momentum.