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Sunday, July 21, 2024

Coinbase With an Important Announcement Regarding Solana (SOL)

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Coinbase (NASDAQ: COIN) has listed SOL perpetual futures on its international exchange and Coinbase Advanced. The launch occurred earlier today, November 14.

Avalanche’s AVAX is another major cryptocurrency to get listed on both platforms. We’ll see two major trading pairs this week: SOL-PERP and AVAX-PERP.

In October, Coinbase Advanced introduced perpetual futures trading, featuring contracts mainly designed for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and XRP.

The platform allows traders to use leverage options and settle transactions in the USD Coin (USDC) stablecoin; in other words, customers can use leverage to trade the above crypto perps with their profits and losses settled in USDC.

What it Means for Solana (SOL)

Solana (SOL) has seen some disproportionate gains compared to other major cryptocurrencies. The coin has outperformed Bitcoin (BTC) and Ethereum (ETH) during the latest crypto market rally, surging more than 174% over the past 30 days.

Adding both SOL and AVAX perpetual futures on Coinbase will give traders more leverage to bet on the cryptocurrency price movements. It will also make Solana more accessible to institutional investors globally, who often use Coinbase as a trusted venue to trade cryptocurrencies.

Both cryptocurrencies have seen tremendous price action in the last 30 days. AVAX is getting closer to $20, with nearly 50% in gains recorded over the previous week. This increase is similar to Solana’s, which exploded 45%.

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