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According to a recent report published by Santiment on-chain data agency, several factors have propelled Solana's native token, SOL, to surge more than 34% over the past three weeks.
The report states that SOL has begun to put up a substantial rise for the first time since April, even though this comes nowhere near the staggering 250% rise demonstrated by the coin in 2021 with a high level of developer activity.
SOL is 'on +35% heater'
The report believes that SOL has hardly been impacted by the recent Bitcoin ETF events that occurred in mid-June. However, the reason that may stand behind the massive price increase is likely to be the big rise in Solana's social sentiment spotted earlier today on Reddit.
Aside from that, SOL's funding rate on Binance and DyDx showed very short jumps a month ago. Even if short positions are not liquidated, they can still have an effect on the price, per the Santiment report; however, the chances of any big rises become considerably lower.
📈 #Solana may not be showing the $250+ price levels with industry-leading development activity like #crypto traders enjoyed in 2021. But even with reduced interest levels, $SOL has been on a +35% heater over the past 3 weeks. Check out our quick report. https://t.co/t3oz6LDGqc pic.twitter.com/11ElFiYqCw
— Santiment (@santimentfeed) July 6, 2023
SOL, ADA, MATIC delisted as securities
Overall, Solana social activity has remained pretty low since the start of the year. Besides, SOL, ADA and MATIC have recently been delisted by Revolut digital bank, Robinhood, eToro and Bakkt for U.S. users.
The reason for the removal of these tokens by the company is the recent statement of the U.S. SEC saying that these coins are securities.
Despite the delisting, the prices of these coins did not go down when it happened a week ago. On the contrary, SOL put up a 5% price rise.
Tomiwabold Olajide
