Over the past week, Solana (SOL) has emerged as one of many high winners within the crypto market after seeing extra inexperienced days than purple within the final week. It’s nonetheless persevering with the streak into the brand new week after recording double-digit beneficial properties as soon as extra. This has now seen the asset transfer to the highest of the most-viewed record on Coinmarketcap.
Solana’s Recognition Grows As Value Balloons
As of Monday, Solana was formally the most-viewed cryptocurrency on Coinmarketcap. This comes after SOL posted beneficial properties 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 shortly as the recognition of the BONK meme coin rose, which may change into the primary catalyst that pushed it above $10.
With SOL already using the wave of the BONK recognition, the crypto market restoration within the early hours of Monday was simply an additional enhance. Given this, the coin emerged as the most effective performer up to now among the many high largest cryptocurrencies by market cap.
SOL worth crosses $16 | Supply: SOLUSD on TradingView.com
Moreover, Solana has moved up a few spots and is now the eleventh largest cryptocurrency. Which means within the final week, SOL has been in a position to surpass the likes of Shiba Inu, Polkadot, Litecoin, and DAI to attain this feat.
Can SOL Maintain The Features?
When Solana (SOL) had initially begun its restoration pattern final week, it was unclear if the digital asset would be capable of maintain its beneficial properties. Nevertheless, it’s now clear that it was not a short-lived rally as not solely has SOL held beneficial properties, nevertheless it has seen much more upside since then.
Proper 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 could imply that the FTX collapse is already priced within the worth of the digital asset and it might then begin shifting with the market because it did earlier than early November 2021.
SOL is at present 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.
