Solana has been among the tokens that have experienced a significant upswing in the past week, as the bulls have exerted strong dominance in the crypto market, resulting in remarkable profits for most assets.
The largest weekly profit among the top 10 cryptocurrencies on the market was recorded by SOL, which has increased 19.70% over the past seven days, according to data from CoinMarketCap
Price Action In Solana
The 10th largest cryptocurrency started the week trading at about $20.32. However, following a general market uptrend, SOL’s price rose to $25.49 before a modest re-correction sent it down to $23.63.
SOL then quickly continued to rise, trading above $25 for the first time since February. Despite a minor decline following these highs, the cryptocurrency is currently stabilizing and may be getting ready for another breakthrough, according to recent price data.
The current SOL price is $24.44 with a $488,527,776 24-hour trading volume. In the past 24 hours, SOL has increased by 0.97%. With a live market cap of $9,568,101,470 , and about 391,874,739 SOL coins are now in circulation
What Factors Are Driving The Surge In Solana’s Value
SOL recent price spike has sparked a lot of discussions, as is to be expected, as many people wonder what may be driving this price increase.
However, the broad market bounce that took place this week could have been the main factor in SOL’s market gain. On Tuesday, April 12, the whole cryptocurrency market experienced a significant uptick as a result of the U.S. Federal Reserve possibly ending its cycle of rate hikes.
Analysts predict that the American central bank will initially raise interest rates by 25 basis points in May and keep them there for a while, according to a Bloomberg report.
But later this year or in 2024, the Fed is predicted to start lowering interest rates, allowing more individuals to invest in risky assets like cryptocurrencies.
The considerable interest around the release of the Solana Mobile Saga, an Android device built with cryptocurrency in mind and intended to give people a simple and safe way to engage with their digital assets, has also contributed to the price of Solana.
On Thursday, April 13, Saga was officially unveiled as the company’s flagship product.
Meanwhile, developers have recently found the SOL network to be appealing. In the next few days, the most recent protocol to join the SOL ecosystem is scheduled to be Helium, a highly regarded blockchain broadband project.
The Render Network and Hivemapper are just a couple of the latest projects that have moved to Solana.
Related Reading: | Solana Sets The Standard For Web3 Mobile Devices With Flagship Saga Release |