While Bitcoin surpassed the $38,000 threshold, the altcoin market, led by Solana, recorded a notable uptrend, with a surge of over 10% in the past 24 hours. The cryptocurrency landscape, which had been relatively stagnant, painted a green picture, buoyed by renewed optimism regarding the potential approval of a spot exchange-traded fund [ETF]. This positive sentiment coincided with traditional market observers anticipating imminent rate cuts.
Solana’s SOL tokens, belonging to the layer-1 or base blockchain category, demonstrated the most significant gains, effectively reversing losses incurred in the preceding week. Over the past few weeks, Solana’s price has witnessed a substantial increase, rising from approximately $21 on October 1 to a recent high of $65. Currently valued at around $61.3, SOL has experienced an 11% surge in the last seven days.
The trading volume for Solana in the last 24 hours stands at a considerable $1.20 billion, contributing to a current market cap of $25.30 billion, representing approximately 1.71% of the total cryptocurrency market cap. This surge has propelled SOL into the sixth position on the list of the largest cryptocurrencies, following a remarkable +10% daily increase.
Industry analysts interpret these milestones as potential signals of renewed investor interest in the Solana ecosystem. Concurrently, the surge in the top altcoin’s price has driven increased demand for Solana NFTs [non-fungible tokens].
Solana NFT Outperform BAYC In Daily Sales
Notably, the Mad Lads collection, a Solana profile picture [PFP] collection introduced earlier this year, continues to outperform many prominent NFT projects. The entry price for Mad Lads has seen another notable increase, and the collection currently tops the 24-hour NFT sales volume chart. According to data from Solana Floor, the floor price for Mad Lads, representing the cheapest NFT listed on the marketplace, stands at 123 SOL, equivalent to just over $7,100.
This marks a new peak for the Mad Lads collection, which has more than tripled in price throughout November. Impressively, these NFTs are selling at higher prices, with over $1.39 million worth of Mad Lads sold on secondary markets in the past 24 hours, as per data from CryptoSlam. This sales volume surpasses other notable NFT projects during the same period, including the Fortune Founder’s Pass NFT from the crypto game Army of Fortune, which recorded $1.16 million worth of trades.