After a stunning climb last week, Solana (SOL) has cooled its rally and is now down over the past 24 hours. Solana, the seventh biggest cryptocurrency by market cap, is down nearly 5% in the past day, trading hands for $55.39, CoinGecko data shows. Last week, the Ethereum-competitor had experienced a surge in price unlike any other coin or token over a month period. Its price notably soared past $50 for the first time since May 2022. The boom was likely down to a short squeeze caused by short sellers exiting their positions and renewed interest from institutions, experts said. But despite the cool off today, Solana is up nearly 40% over the last seven days.
Bitcoin, the biggest cryptocurrency by market cap, is down 1% today Monday morning Eastern Time and is trading for $36,839. While the second-biggest digital asset Ethereum (ETH) is up nearly 2% and trading for $2,096. Last week Ethereum got a big boost past $2,000 for the first time in some months on the news that BlackRock had filed an application to list an iShares Ethereum Trust.
Meanwhile, a number of Solana’s altcoin rivals are experiencing gains today. Leading the charge out of the major coins and tokens is decentralized storage provider Filecoin’s native token FIL, which is up nearly 10% in 24 hours and priced in at $5.33, according to CoinGecko. Over the past seven days, it has shot up in value by 23%. Protocol Labs, the company behind Filecoin, is this week hosting a its LabWeek23 event in Istanbul, which might explain the sudden surge.
Of other major players in the crypto market, Polygon (MATIC) is also up significantly today: the 13th biggest digital asset by market cap has surged more than 6% in the past day and is now trading for $0.88. And Cosmos (ATOM), a project which aims to create an “Internet of Blockchains” by improving interoperability, has also shot up by more than 9%; it’s right now priced at $9.90.
Solana, Ethereum, Filecoin, Polygon, and Cosmos have experienced significant gains in the past 24 hours. Solana is up nearly 40% over the past seven days, Ethereum is up nearly 2%, Filecoin is up nearly 10%, Polygon is up more than 6%, and Cosmos is up more than 9%. These gains and surges are likely due to short squeezes, renewed interest from institutions, and events hosted by Protocol Labs.
Edited by Stacy Elliott.
You can read more about this topic here: Decrypt: Solana Rally Cools as Bitcoin and Ethereum Hold Steady and These Alts Surge