Solana Rockets 10% Overnight, Leading Crypto Market Comeback

Key Points:

• SOL surges over 10% in a day, reaching a monthly peak of $22.50.
• Saga releases an Android smartphone powered by Solana blockchain, letting users mint their own NFTs from anywhere.
• NFT trading volumes decline from 2M SOL weekly in January 2023 to 1M SOL in total over 30 days.

Solana (SOL) has been performing exceptionally well in the market, outperforming other cryptocurrencies.

The past day saw a price surge of more than 10.1%, leading to a monthly peak of $22.50, according to CoinGecko data. This swift rise also resulted in nearly $2.7 million in liquidation, with more than 92% of that figure being blown short positions, as reported by Coinglass. The increasing popularity of Solana can be attributed to its speedy proof-of-stake (PoS) blockchain network launched in March 2020 by Solana Labs. Thanks to this network, developers can build various decentralized finance (DeFi) apps and non-fungible token (NFT) projects.

However, the recent excitement around Solana can also be linked to the release of Saga, an Android smartphone, powered by the Solana blockchain, which is expected to allow users to mint their own NFTs from anywhere and access the wider Solana-based ecosystem of apps and projects. The phone was unveiled by Solana’s team last year in June 2022 and is expected to cost users $1,000.

Despite the launch of new hardware and a revival in the markets, the network’s fundamentals have remained steady since the start of the year, with no significant improvement. The NFT trading volumes have declined from around 2 million SOL weekly in January 2023 (worth around $30 million at the time) to 1 million SOL (worth around $20 million) in total volumes over a span of 30 days. However, the total value locked (TVL) in DeFi applications has increased slightly from $208 million to $294 million year-to-date, as reported by DeFiLlama.

It’s worth noting that Solana isn’t the only cryptocurrency that has seen a rise in price. Bitcoin’s psychological breakout above $30,000 yesterday has clearly sent a bullish impulse throughout the market. Cardano (ADA) and Binance Coin (BNB) have also enjoyed hefty rises of more than 5% over the past 24 hours.

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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Annie

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