Crypto

Solana (SOL) Becomes Most-Viewed Crypto After 20% Rally

Over the final week, Solana (SOL) has emerged as one of many high winners within the crypto market after seeing extra inexperienced days than pink within the final week. It remains to be persevering with the streak into the brand new week after recording double-digit features as soon as extra. This has now seen the asset transfer to the highest of the most-viewed checklist on Coinmarketcap.

Solana’s Popularity Grows As Price Balloons

As of Monday, Solana was formally the most-viewed cryptocurrency on Coinmarketcap. This comes after SOL posted features of greater than 22% in a 24-hour interval, pushing its worth above $16 for the primary time since November 2021 following the collapse of the FTX crypto alternate.

After falling to two-year lows, Solana had begun to see curiosity from traders as soon as extra when BONK, a meme coin primarily based on the blockchain, went viral. SOL’s worth grew rapidly as the recognition of the BONK meme coin rose, which may change into the primary catalyst that pushed it above $10.

With SOL already driving the wave of the BONK reputation, the crypto market restoration within the early hours of Monday was simply an additional enhance. Given this, the coin emerged as the very best performer thus far among the many high largest cryptocurrencies by market cap.

SOL worth crosses $16 | Source: SOLUSD on TradingView.com

Furthermore, Solana has moved up a few spots and is now the eleventh largest cryptocurrency. This signifies that within the final week, SOL has been capable of surpass the likes of Shiba Inu, Polkadot, Litecoin, and DAI to realize this feat.

Can SOL Hold The Gains?

When Solana (SOL) had initially begun its restoration pattern final week, it was unclear if the digital asset would be capable to maintain its features. However, it’s now clear that it was not a short-lived rally as not solely has SOL held features, however it has seen much more upside since then.

Right now, SOL is seeing help simply above $16 which signifies that it has secured this bull pattern. Resistance has now been efficiently pushed again to $17 however even then, bears are having a tough time placing up sufficient of a roadblock to matter.

If Solana had been to interrupt above this level, then its subsequent goal can be set on the $20 stage, which might put SOL at a good worth stage in comparison with the broader crypto market. This would imply that the FTX collapse is already priced within the worth of the digital asset and it will possibly then begin shifting with the market because it did earlier than early November 2021.

SOL is at the moment buying and selling at$16.4 on the time of this writing. Its worth is up over 22% within the final day with a buying and selling quantity of $1.55 billion.

Follow Best Owie on Twitter for market insights, updates, and the occasional humorous tweet… Featured picture from Capital.com, chart from TradingView.com



Michael Evans

Professional writer, editor, and producer with over a decade of experience. I'm an experienced editor who has written for a variety of publications, and I specialize in editing non-fiction articles, news, and business blogs.

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