With its apparently relentless rise, Solana (SOL) has already reached a price of almost $50 per coin.
With its current rate of growth, the seventh-largest digital asset is on track to surpass USDC in market capitalization. The market value of the stablecoin tied to the dollar is at $23.9 billion. According to CoinGecko, SOL’s market capitalization has increased by more than $3 billion since yesterday and is presently at $21 billion.
SOL’s price at the time of writing was $50.61, up about 9% in the previous day. It has risen by 24% in the last week.
Solana (SOL) Hits $50: Tron and Optimism Drive Continued Rise,Solana (SOL) Hits $50: Tron and Optimism Drive Continued Rise
However, if we look at the coin over a 30-day period, we can see that it has gained around 127%. The value of any other significant cryptocurrency has not climbed as much in the same period of time.
Experts discussed SOL’s resurgence with Decrypt this week and last. The cause? a mix of significant players’ interest and short sellers.
SOL has just suffered greatly from the demise of the FTX megabrand exchange and its affiliated businesses. FTX initiated a marketplace for Solana NFTs and was a significant investor in SOL.
SOL’s price crashed after FTX filed for bankruptcy in November of last year.
However, since then, companies including e-commerce giant Shopify and payments giant Visa have chosen to use the Solana blockchain, which is allegedly faster and less expensive than competitors like Ethereum’s.
Moreover, during last month’s criminal prosecution of former FTX CEO Sam Bankman-Fried, attorneys brought up SOL. An rise in short-selling activity, which is when traders wager on an asset’s future price falling, momentarily harmed the price.
But analysts claim that this resulted in a brief squeeze. When short sellers abandon their positions, the price of a security or digital token suddenly soars, a phenomena known as a “short squeeze” occurs in the market.
SOL is still more than 80% behind its all-time high of $259 set in November 2021, even with its latest increase.
Weekly performance of the remaining cryptocurrency market was strong, with gains of seven days seen for all of the major coins and tokens.
Bitcoin, the biggest digital asset, only yesterday hit an 18-month high on news that the U.S. Securities and Exchange Commission might finally approve a spot crypto exchange-traded fund for American investors.
While other altcoins such as Tron (TRX) and Optimism (OP) were both doing well, making gains of nearly 5% and 3%, respectively.
Solana (SOL) Hits $50: Tron and Optimism Drive Continued Rise,Solana (SOL) Hits $50: Tron and Optimism Drive Continued Rise,Solana (SOL) Hits $50: Tron and Optimism Drive Continued Rise , Solana coin Crypto news, Solana coin News