Solana recently witnessed a move in its SOL price in the crypto market, hitting a 3-month high above $26 amidst the crypto market rebound. The crypto market is well known for its high volatility and market unpredictability of price movements. Solana has gained attention in the previous months, and currently, the digital currency has recorded a 12% surge overnight.
This has shocked many crypto enthusiasts, but it’s part of a broader market correction that had recorded a staggering $43 billion market recoup. Solana, among other cryptocurrencies, has witnessed a rise in market price. Among them are Bitcoin (BTC), Pepe coin (PEPE), Ripple’s XRP, Mantle (MNT) and THORChain (RUNE).
Solana and the soaring crypto market
Solana (SOL) witnessed a 12% rise in its price in the weekend recording its three-month high of $26.84, recovering to levels not seen since July. SOL’s surge is a significant milestone as it hit prices above the $25 resistance mark.
Solana is a proof-of-stake (PoS) blockchain network that allows developers to create and deploy decentralized finance applications (DeFi) as well as spin up Non-Fungible tokens (NFT) projects.
The digital currency is currently the 8th largest crypto by market cap, totaling almost $11 billion. However, the SOL price was hardly hit by the collapse of FTX last year, as its value fell by more than 41% just a week after the platform declared bankruptcy. By the end of last year, SOL had plummeted to $10, which was the lowest point recorded since early February 2021.
Its price has been soaring ever since, despite the drawdowns faced in the volatile crypto market. In a span of 24 hours, Solana has experienced a 12% price increase, topping its price above the $25 mark.
According to CoinGecko, in addition to the 24-hour surge, a total of a 26% surge in its price is recorded amidst the $43 billion crypto market correction. The move has squashed bear market pushers.
CoinGlass reports show more than $6.2 million has been liquidated from short portions placed on the SOL market. This was an overnight move from the surge in price. Solana’s surge follows a recent market surge that saw the total capitalization of digital assets in the crypto market soar by 4.3% in over a day. This percentage adds to the $43.3 billion market surge.
The Crypto market bull rally
Other cryptos like THORChain (RUNE) experienced an 8% gain to $1.64, recording an 8.01% rise in market cap to $557.6 million. Mantle (MNT) jumped by 12%, trading at $0.3732 with a 24-hour trending volume increase of 36% to $40.02 million. Pepe coin also gained 2% as its trading volume topped 23.67% to $47.9 million
The crypto bull rally has seen other assets apart from Solana experience an increase in price. In other reports, Ripple’s XRP has witnessed an 8.4% increase in price on the same day. The asset soared from its consolidation level between $0.45 to $0.49 and hit the $0.53 mark before correcting to $0.51.
It was favored by the US Securities and Exchange Commission (SEC), which dropped the charges against the cryptocurrency and its executive officials. The charges against XRP were on allegations of selling the token thought to be a security. However, the SEC dropped the charges of allegedly violating the securities laws.
Bitcoin has also witnessed a rollercoaster ride on its price as it recently reached the $30,000 mark early this week after fake reports about the SEC’s approval of the BlackRock spot Bitcoin Exchange-Traded Funds (ETFs). This recorded a 5% increase in Bitcoin’s price as it corrected to the $28,500 mark, currently priced at levels above $29,700.
