Solana Surge Over 10% With Market Excitement

Key Points:

Solana led the market in breakout gains with over 10% on the day.
Currently, the SOL price is trading at $22.3.
SOL’s boost could come from Crypto.com allowing on-chain staking and Saga, an Android smartphone powered by the blockchain going live.

Solana (SOL) is presenting itself as an active player as it is outperforming other cryptocurrencies with a gain of over 10% as Bitcoin hits the $30,000 mark.

Solana Surge Over 10% With Market Excitement 3

In 2022, the SOL price dropped by about 95% because to the lengthy crypto winter and its bad relationship with the defunct FTX exchange and its creator Sam Bankman-Fried, who bragged about the project multiple times.

The year 2023 sees a robust comeback of the currency reflecting the DeFi and NFT developments on-chain. The SOL token, which drives the Solana smart contracts ecosystem, is presently trading at $22.3, up 180% from its low point in 2022 and 30% above its lows in March 2023, demonstrating a major upward trend.

SOL has risen by more than 10.3% in the last day, hitting a monthly high of $22.50.

SOL price chart. Source: TradingView

The revelation that SOL on-chain staking is now enabled by Singapore-based cryptocurrency exchange Crypto.com is one of the coin’s optimistic catalysts. On-chain staking makes use of the blockchain’s proof-of-stake platform to produce rewards through a process known as “staking.”

Users of Solana will be able to receive rewards with up to 5% APR. Coinbase announced its shift to on-chain staking for four cryptocurrency assets, including SOL, in late March.

Another reason fueling interest in Solana is the April 13 release of Saga, an Android smartphone powered by the blockchain. The phone is supposed to allow users to mint their own NFTs from anywhere while also providing access to the larger Solana-based ecosystem of applications and projects.

Yet, Bitcoin’s psychological breach over $30,000 yesterday obviously sent a positive surge across the market. SOL is one of the altcoins benefiting the most from inflows.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.