Why did solana’s price jump up today? Cryptos extend YTD surge

  • Solana (SOL-USD) jumped 12% in afternoon trading, extending its huge 100%+ year-to-date rally, as the broader cryptocurrency market got a boost in a risk-on day.
  • For 2022, SOL plummeted more than 90% from a year earlier, as investors became increasingly wary about its relationship with failed crypto exchange FTX (FTT-USD) and its affiliated trading firm Alameda Research. But since the start of 2023, SOL has more than doubled from the Dec. 28, 2022 low of $9.64, changing hands at $23.87 as of 4:27 p.m. ET.
  • Most major cryptos, alongside the stock market, experienced intraday buying pressure. The global crypto market cap advanced 5% to $1.03T, according to CoinMarketCap data.
  • SOL is the fifth biggest YTD gainer among cryptos, soaring 141%. Gala (GALA-USD) has climbed the most, up 194%, followed by Aptos (APT-USD), +174.3%.
  • Seeking Alpha contributor The Digital Trend admired SOL’s “roaring comeback,” but warned of its shortage in security and decentralization.

Source : Seeking Alpha

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