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Solana is set to gain further exposure in one of the most important crypto markets in the world after a major Japanese exchange confirmed support for SOL trading.
In a recent tweet, bitFlyer, a Japanese cryptocurrency exchange headquartered in Tokyo, announced it will soon start handling Solana, which implies its listing.
"Solana (SOL) Handling Now Available. We will begin handling SOL starting June 24th (Wed). At bitFlyer's exchange, anyone will be able to easily and conveniently buy and sell," a translated BitFlyer tweet reads.
BitFlyer confirms the listing of the seventh-largest cryptocurrency by market capitalization, describing Solana as a blockchain that employs "Proof-of-Stake (PoS) as its consensus algorithm. In addition, by combining it with its proprietary Proof-of-History (PoH) technology, it achieves higher processing power, enabling high-speed and low-cost transaction processing. It is a blockchain used as the foundation for a wide range of applications."
BitFlyer was founded in 2014 and is one of the largest cryptocurrency exchanges in Japan; hence the listing remains significant.
Solana price gains momentum
Solana price is trading higher in the last 24 hours as the majority of cryptocurrencies, led by bitcoin, rose in the same timeframe. Bitcoin surpassed $65,000, with analysts attributing the surge to a short squeeze-driven move.
Solana is benefiting from the bullish momentum, up 6.48% in the last 24 hours to nearly $73 and up 10% weekly.
Derivatives data suggests the rise for major crypto assets might have been driven by a short squeeze rather than fresh bullish positioning.
For instance, open interest, the total number of outstanding futures contracts for Solana, has risen nearly 10% in the last 24 hours to $42.02 billion. Meanwhile, the funding rate, a periodic payment exchanged between long and short traders in perpetual futures markets, remains negative.
U.Today Editorial Team
Dan Burgin
