In a significant development, Coinbase (NASDAQ: COIN) has announced the inclusion of SOL perpetual futures on its international exchange and Coinbase Advanced. This move follows the recent listing of Avalanche’s AVAX, marking a strategic expansion of Coinbase’s cryptocurrency offerings.
This week, traders will have access to two major trading pairs: SOL-PERP and AVAX-PERP. Coinbase Advanced had previously introduced perpetual futures trading in October, focusing on contracts tailored for leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and XRP.
The platform facilitates leveraged trading options and transaction settlements using the USD Coin (USDC) stablecoin. Essentially, users can employ leverage to engage in perpetual trading of the mentioned cryptocurrencies, with profits and losses settled in USDC.
Implications for Solana (SOL)
Solana (SOL) has demonstrated remarkable performance, boasting disproportionate gains compared to other major cryptocurrencies. During the recent crypto market rally, SOL has outperformed both Bitcoin (BTC) and Ethereum (ETH), registering an impressive surge of over 174% in the past 30 days.
The addition of SOL perpetual futures on Coinbase presents traders with increased leverage for speculating on cryptocurrency price movements. Moreover, this listing enhances the global accessibility of Solana, particularly for institutional investors, who often rely on Coinbase as a trusted platform for cryptocurrency trading.
Both SOL and AVAX have witnessed substantial price movements in the last 30 days. AVAX, approaching the $20 mark, has recorded nearly a 50% gain in the past week. Similarly, Solana has experienced a surge of 45%, reinforcing the robust momentum in the market for these cryptocurrencies.
