Solana (SOL) Gains 18% In 7 Days – Here’s Why
15 Abril 2023 - 8:28AM
NEWSBTC
The last week in the crypto market has seen the bulls exhibit major
control, with most assets recording remarkable profits. Solana
(SOL) has been one of these tokens, having been on an impressive
roll lately. According to data from CoinMarketCap, SOL has
gained 18.16% in the last seven days, recording the biggest weekly
profit among the top 10 cryptocurrencies in the market.
Solana Price Action The 10th largest digital coin began the week
trading around $20.32. However, following a general market rally,
SOL went as high as $23.63 before experiencing a slight
re-correction, bringing its price down to $22.55. Thereafter,
Solana soon resumed its bullish course to trade above $25 for the
first time since February. Although the altcoin did experience a
slight fallback after attaining such heights, current price data
shows the token is consolidating and could be preparing for another
breakout. At the time of writing, SOL is trading at a market
price of $24.4, having declined by 2.19% in the last 24 hours.
According to more data from CoinMarketCap, the token’s daily
trading volume hovers around $592.98 million, with the market cap
set at $9.57 billion. SOL trading at $24.41 | Source: SOLUSD
Chart on Tradingview.com Related Reading: The Rise Of Bitcoin
Continues: Trader Predicts $60k-$70k Range After Consolidation
What’s Behind Solana’s Rise? As usual, there is much speculation
surrounding Solana’s recent price rally as many wonder what could
be pushing this price increase. That said, the major driving
force behind SOL’s market gain could be the general market rally
that occurred this week. On Tuesday, April 12, the entire crypto
market received a massive boost on news that the U.S. Federal
Reserve could soon end its rate-hike cycle. Based on a report by
Bloomberg, analysts believe that the American central bank will
first increase interest rates by 25 basis points in May and
maintain that level for some time. However, the Fed is then
expected to start cutting the interest rate later this year or in
2024, allowing more people to invest in volatile assets such as
cryptocurrency. Related Reading: SOL Price Prediction: Solana
Rally Seems Far From Over, $30 Soon? Another contributing factor to
the price of Solana has been the massive hype surrounding the
launch of the Solana Mobile Saga – a crypto-first Android device
designed to allow users to interact with their digital assets in an
easy and secure manner. Saga was launched on Thursday, April
13, and it represents the flagship product of Solana Mobile.
Meanwhile, the Solana network has also been attractive in recent
weeks to developers. Helium, a highly-rated blockchain broadband
project, is the latest protocol expected to join the Solana
ecosystem in the coming days Other projects that have migrated to
Solana in recent weeks include the Render Network, Hivemapper, to
name a few. Featured image: Investeek, chart from Tradingview
Solana (COIN:SOLUSD)
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Solana (COIN:SOLUSD)
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De Abr 2023 até Abr 2024