Solana’s Remarkable Surge
Solana, a prominent cryptocurrency, recently experienced a significant uptick in the crypto market, reaching a three-month high above $26 amidst a broader market rebound. The cryptocurrency market is renowned for its volatility and unpredictable price movements, making such surges both surprising and impactful.
About Solana and Its Market Position
Solana (SOL) witnessed a 12% rise over the weekend, reaching a three-month high of $26.84. This surge marked a significant milestone, surpassing the $25 resistance mark. Solana operates on a proof-of-stake (PoS) blockchain network, enabling developers to create decentralized finance applications (DeFi) and Non-Fungible Tokens (NFT) projects.
Currently, Solana ranks as the 8th largest cryptocurrency by market cap, totaling almost $11 billion. Despite facing a significant setback due to the FTX collapse last year, Solana’s price has steadily risen. Last year, SOL plummeted to $10, its lowest point since early February 2021. However, it has since rebounded, experiencing a 12% price increase within a 24-hour period, pushing its value above the $25 mark.
According to CoinGecko, this surge contributed to a 26% increase in its price amidst the $43 billion crypto market correction, disproving bear market predictions. CoinGlass reports indicate over $6.2 million in short positions were liquidated from the SOL market due to this overnight surge.
Impact on Other Cryptocurrencies
The crypto market rally also affected other cryptocurrencies. THORChain (RUNE) observed an 8% gain, reaching $1.64, accompanied by an 8.01% rise in market cap to $557.6 million. Mantle (MNT) experienced a 12% jump, trading at $0.3732, with a 24-hour trading volume increase of 36% to $40.02 million. Pepe coin recorded a 2% gain, with its trading volume increasing by 23.67% to $47.9 million.
Ripple’s XRP also witnessed an 8.4% increase in price, rising from its consolidation level between $0.45 to $0.49 to hit the $0.53 mark before correcting to $0.51. This surge followed the US Securities and Exchange Commission (SEC) dropping charges against XRP and its executives. Initially, XRP faced allegations of selling the token believed to be a security, but the SEC cleared it of violating securities laws.
Bitcoin, too, experienced price fluctuations, reaching $30,000 after fake reports about the SEC’s approval of BlackRock spot Bitcoin Exchange-Traded Funds (ETFs). This led to a 5% increase in Bitcoin’s price, subsequently correcting to the $28,500 mark, and it currently stands above $29,700.
