Over the past week, Solana (SOL) has emerged as one of many high winners within the crypto market after seeing extra inexperienced days than crimson within the final week. It’s nonetheless persevering with the streak into the brand new week after recording double-digit good points as soon as extra. This has now seen the asset transfer to the highest of the most-viewed listing on Coinmarketcap.
Solana’s Reputation Grows As Value Balloons
As of Monday, Solana was formally the most-viewed cryptocurrency on Coinmarketcap. This comes after SOL posted good points of greater than 22% in a 24-hour interval, pushing its value above $16 for the primary time since November 2021 following the collapse of the FTX crypto trade.
After falling to two-year lows, Solana had begun to see curiosity from buyers as soon as extra when BONK, a meme coin primarily based on the blockchain, went viral. SOL’s value grew rapidly as the recognition of the BONK meme coin rose, which may develop into the primary catalyst that pushed it above $10.
With SOL already riding the wave of the BONK popularity, 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 to this point among the many high largest cryptocurrencies by market cap.
SOL value 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 realize 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 have the ability to maintain its good points. Nonetheless, it’s now clear that it was not a short-lived rally as not solely has SOL held good points, but it surely has seen much more upside since then.
Proper now, SOL is seeing help simply above $16 which implies 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 have been to interrupt above this level, then its subsequent goal can be set on the $20 degree, which might put SOL at a good value degree in comparison with the broader crypto market. This is able to imply that the FTX collapse is already priced within the value of the digital asset and it will probably then begin shifting with the market because it did earlier than early November 2021.
SOL is presently buying and selling at$16.4 on the time of this writing. Its value is up over 22% within the final day with a buying and selling quantity of $1.55 billion.