Even though cryptocurrency assets begin the week with minor gains, Solana (SOL) has gained traction. One can see cryptocurrency values attempting to break out of their prior losses by examining the market. A growth of 2.33% in the last twenty-four hours has sparked a wider bullish prognosis, resulting in the overall market cap reaching $2.31 trillion at publication.
In the most recent attempt at a rebound, assets such as Solana outperformed the market even though price volatility continued. Today, the price of SOL continues to lead among the top 10 holdings in terms of weekly gains. This rise comes from prior inflows when two ETF applications were submitted. Even though bulls are eyeing the $150 level, bears think that insufficient feelings and volatility may render the mark unsustainable.
Solana Joins Top 10 Cryptocurrencies with 3.78% Surge, Trailing Cardano’s 5% Comeback
Except for Cardano (ADA), the price of Solana has risen to join the ranks of the top 10 cryptocurrencies in terms of market capitalization. SOL is trading at $148.15, representing a 3.78% increase over the past twenty-four hours, trailing only ADA, which has experienced a 5% comeback. As a result of the asset’s rise, its market capitalization has surpassed $68.5 billion, and the daily trading volumes have increased by a staggering 45.8% to reach $1.89 billion.
Although monthly data are still in the red zone, Solana’s weekly growth indicates that it is on the verge of experiencing a resurgent boom. It has recorded gains of more than sixteen percent. Based on the most recent on-chain data, market analysts have projected that the asset will continue to move upward.
Due to the market’s decline, SOL is currently trading below previously reached levels of resistance. Negative traders claim that the number of Solana meme coins and decentralized finance statistics saw a decrease in their upward trend.
Solana Spot ETFs Boost Market Sentiment, Yet Price Remains Tied to Institutional Inflows
Despite the recent registration of spot Solana ETFs, this aspect continues to significantly influence the asset’s price. This year, exchange-traded funds (ETFs) have boosted the cryptocurrency market as a result of massive institutional investments in the sector.
Approving a spot Bitcoin exchange-traded fund in January altered the situation’s dynamics when the currency reached an all-time high of more than $73,000. Additionally, Ethereum items are anticipated to be released this summer, which has sparked positive movements. The holders of Solana emphasize the importance of institutional inflows as a means to achieve sustained growth.
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