According to data compiled by Paris-based Kaiko, Solana’s SOL has increased by more than 50% in just two weeks, with Coinbase (COIN), a digital asset exchange listed on the Nasdaq, emerging as a key driver of bullish pressure on the coin.SOL’s cumulative volume differential (CVD) on Coinbase has climbed by about $1 million since October 25, showing net capital inflows.Early this week, CVD on Kraken and Binance turned positive, but it has been negative and moving south on Upbit, a South Korean exchange, for the past two weeks.
The net difference between the volumes of purchases and sales is tracked over time by the CVD metric.It is a running total of the market’s net bullish and bearish pressures, with positive levels denoting a surplus of buying activity.Values that are negative imply otherwise.
Riyad Carey, a Kaiko analyst, claims that Coinbase’s median order size has been higher than that of other exchanges, which could indicate that institutions are placing bids for SOL through the Nasdaq-listed platform.After multibillionaire institutional asset manager VanEck released a report outlining a bullish case scenario that may see the price of bitcoin reach $3,200 by 2030, Coinbase emerged as the market leader in the SOL space.
The optimistic forecast is predicated on the possibility that Solana will be the first blockchain to support apps with more than 100 million users.Nevertheless, the recent price increases for SOL have not yet stimulated on-chain activity.DefiLlama reports that in just two weeks, the total value of assets locked in Solana-based DeFi protocols dropped from 12.03 million SOL to 10.23 million SOL, the lowest amount since April 2021.TVL is a commonly used metric to measure the adoption of smart contracts, despite its limitations.
On chain analyst Patrick Scott stated on X that while volume on Solana-based decentralized exchanges and active addresses on the network has increased, it has not been enough to support the price rises.