Bitrue Crypto Exchange Announces Solana (SOL) As Base Currency, How Does It Affect SOL Prices?

JAKARTA – The cryptocurrency Solana (SOL) is the base currency on the Bitrue crypto trading platform. In addition to SOL, Bitrue also added Cardano (ADA). That means SOL and ADA will be the first currencies in the pair with another currency.

This information was conveyed by the cryptocurrency exchange Bitrue in an official announcement. These efforts strengthen SOL's position as one of the cryptocurrencies to be reckoned with.

A data report from data analytics firm Santiment stated that Solana was among the top 10 fastest growing assets this April.

In the list of the top 10 projects by aggregated development activity based on publicly available Github information for the month of April, Solana is ranked in the top three. With 408 deliveries per day, the list places Solana as the second most developed asset ahead of Filecoin, which ranks third.

The Santiment metric tracks development data of thousands of public Github repositories. With more users contributing to a project, the higher the ranking. While development activity has little or no impact on short-term market prices, it may be a healthy indicator of the project's long-term growth.

SOL Price Movement

Solana has been locked in a sideways trading market since April 12. In the past three days, SOL has been trading below $100 per coin. At the time of publication, Solana was trading slightly down at the level of 98 US dollars or equivalent to Rp. 1,417,521 based on current currency prices.

Solana prices have fallen nearly 10 percent in the past week and 20.42 percent for the month. Despite the price decline, SOL is showing signs of a potential rebound. However, a decisive close above the 50 and 200 daily moving averages is needed to revive the uptrend.

At the time of writing, data from Coingecko shows that Solana (SOL) is trading at a price of Rp. 1,440,054. SOL prices have increased by 2.9 percent in the last 24 hours. Solana broke its all-time high price (ATH) on November 6, 2021 at a price of IDR 3,722,574. Meanwhile, the lowest price of all time for SOL occurred on May 11, 2020, at that time the price dropped to IDR 7,456.