Solana’s Resurgence
Solana’s native SOL token has experienced an 8% surge, bouncing back from yesterday’s low and reclaiming the $70 level. The increased network activity and transactions have contributed to pushing Solana’s market cap beyond $30.5 billion.
After a volatile 24 hours, SOL has reached $72.10, securing Solana’s position as the sixth-largest cryptocurrency by market capitalization. This recovery is accompanied by a notable rise in trading volumes.
From a technical analysis standpoint, Solana displayed a long wick down to $67 on Dec. 10, interpreted by experts as a “flushing out” of leveraged long positions. SOL revisited this level twice on Dec. 11 before ascending, indicating that $67 now acts as a support zone. The next upside target for SOL bulls is likely to be $77.80.
Rising On-Chain Activity
Despite recent price challenges, there is a significant surge in Solana’s on-chain activity. The Total Value Locked (TVL) in Solana decentralized finance (DeFi) protocols has reached $929 million, the highest level in over a year.
This renewed interest is also reflected in Solana’s decentralized exchange (DEX) trading volumes, which have surged by nearly 143% over the past seven days, outpacing gains seen on competing chains like Ethereum (ETH).
Bitcoin Minetrix Presale Momentum
As Solana shows signs of recovery, analysts are closely monitoring Bitcoin Minetrix. The project employs a “stake-to-mine” model, allowing holders to passively earn Bitcoin (BTC) by staking the platform’s tokens, BTCMTX.
Unlike traditional mining, which demands technical skills and high investment, Bitcoin Minetrix aims to democratize the process, enabling anyone to participate. Users receive mining credits by staking BTCMTX, redeemable for either cloud mining time or a share of the eventual yields, providing ordinary crypto investors with BTC rewards.
Bitcoin Minetrix has already attracted over $5.2 million in presale investment across multiple stages, surpassing a third of the project’s soft cap goal.
