Solana (SOL) has surged past $25 in the early hours on Friday, hitting a three-month high of $26.84 and returning to levels not seen since July. At press time, SOL is up 12% over the past 24 hours, and as much as 26% over the last week, according to data provided by CoinGecko. The move has squashed bears in their tracks, too, with data from CoinGlass showing more than $6.2 million in short positions liquidated overnight.
Billed as an “Ethereum killer,” Solana is a proof-of-stake blockchain network atop which developers can spin up various decentralized finance (DeFi) and non-fungible token (NFT) projects. Solana’s meteoric rise comes amid a broader crypto market surge, which saw the total market capitalization of all digital assets soaring 4.3% over the day and adding $43.3 billion.
Solana, currently the industry’s 8th largest cryptocurrency with a market cap of almost $11 billion, was one of the hardest hit by last year’s FTX collapse, with its SOL token falling by more than 41% a week after the crypto exchange’s bankruptcy. By the end of 2022, SOL had plummeted below $10—the token’s lowest point since February 2021—and has been on the rise since then, albeit with inevitable drawdowns due to the overall mixed state of the crypto markets throughout this year.
Solana is recovering from last year’s FTX collapse with its SOL token reaching a three-month high of $26.84. It is up 12% over the past 24 hours and has squashed bears with more than $6.2 million in short positions liquidated overnight. SOL is currently the 8th largest cryptocurrency with a market cap of almost $11 billion, and is on the rise with inevitable drawdowns due to the overall mixed state of the crypto markets throughout this year. #Solana #SOL #DeFi #CryptoMarket #FTX #EthereumKiller
You can read more about this topic here: Decrypt: Solana Soars 12% Overnight as Crypto Market Recoups $43 Billion