In a incredible overnight surge, #Solana native token SOL has hit a three-month high, surging above $25 to reach an impressive $26.84. This substantial rise in Solana's price comes in the wake of the crypto market's resurgence, with the total market capitalization of digital assets shooting up by 4.3%, a $43.3 billion addition.
Let's explore into the details and implications of this exciting development.
📈 SOL Up 12% in 24 Hours 📈
At the time of writing, Solana has experienced a remarkable 12% increase in its value over the past 24 hours. Over the last week, it has seen an astronomical 26% surge. This surge has not only excited investors but also put a halt to bearish sentiments, causing more than $6.2 million in short positions to be liquidated overnight.
Solana, often dubbed an "Ethereum killer," operates as a proof-of-stake blockchain network. Developers leverage its capabilities to create a range of decentralized finance (DeFi) and non-fungible token (NFT) projects. This meteoric rise signifies the crypto community's faith in its potential, as it returns to levels not seen since July.
The positive vibes aren't confined to Solana alone:
#xrp has posted an 7% increase in price on the day, currently trading at $0.51. This boost is attributed to the SEC dropping charges against Ripple CEO and executive chairman, along with the firm itself, in a legal dispute.
#BTC is also on the upswing, gaining 5% in a single day, hovering just below $30,000. Industry experts continue to express optimism about #bitcoin ETF approvals, fueling this bullish momentum.
Ethereum (#ETH ) is joining the party, with a 4% overnight increase, now trading at $1,600.
📉 Solana's Recovery Journey 📉
Solana's impressive revival is particularly noteworthy given its tumultuous recent history. It was hit hard by the FTX collapse, experiencing a significant drop in its SOL token value. However, it has steadily rebounded, demonstrating resilience amid the volatility in crypto markets throughout this year.
Despite the fluctuations, Solana's total value locked (TVL) recently hit above $338 million. While this is a significant achievement, it still falls short of the nearly $10 billion TVL recorded in November 2022.
Keep a close eye on these developments, as the crypto landscape continues to evolve and remember to show me some love! Hit that "like" button, drop a comment, and don't forget to share it