Solana Outshines Rivals On Weekend Top 10 Roster With 18% Rally
October 07 2023 - 10:00AM
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Solana experienced a significant surge of approximately 20% during
the last few days of September and into the first week of October.
This sudden price increase has piqued the interest of investors and
enthusiasts alike, sparking discussions about its underlying
causes. One prominent question on people’s minds is whether this
uptick in SOL’s value is directly correlated with Bitcoin’s
performance during the same period or if there are distinct factors
driving SOL’s price rise independently of Bitcoin’s movements.
Related Reading: Dogecoin Under Pressure: Will Bearish Momentum
Push Meme Coin Below $0.06? Before this increase, SOL had a tough
time because a U.S. court allowed the sale of $1.3 billion worth of
SOL from the bankrupt exchange FTX. So, there’s curiosity about
whether SOL’s recent price jump is connected to Bitcoin or if there
are other factors behind it. Solana: Challenges And Market Allure
The Solana (SOL) blockchain network has seen recent difficulties,
however it has garnered significant attention and demand in the
market. Despite the lackluster price performance of its native
token, the proof-of-stake (PoS) network has utilised the bear
market to improve its technological capabilities and forge
important alliances with prominent entities in the realm of
traditional banking. Source: Coingecko The bankruptcy court has
implemented mechanisms to mitigate the potential adverse impact of
FTX asset liquidation on the cryptocurrency market. These measures
involve mandating the sale of assets through a financial advisor in
weekly installments, adhering to predetermined regulations. At the
time of writing, SOL was trading at $23.43, down a measly 0.3% in
the last 24 hours, but gained sustained an 18% rally in the last
seven days, data from crypto market tracker Coingecko shows.
Related Reading: Trillions In Shiba Inu On The Move: What Lies
Ahead For The Meme Coin? SOL Liquidity Soars With Network Stability
Nansen, an on-chain analytics firm, recently published a report on
Solana, highlighting its key strengths and potential. Solana is
known for its cost-efficiency and high-speed transactions, earning
it the nickname “The Ethereum Killer.” It boasts a transaction
processing speed of over 3,000 transactions per second, which is
nearly 30 times faster than Ethereum. The chain’s liquidity
improved as a result of the dramatic increase in network stability.
At press time, the TVL in terms of SOL was $27.12 million, more
than double what it was at the start of the year. SOL market cap
currently at $9.7 billion. Chart: TradingView.com Solana’s Rise
Fueled by DApps And NFTs, Targets 5th-Largest Crypto Spot The surge
of SOL was further bolstered by the expansion in the adoption of
decentralized applications (DApps) and the rise in nonfungible
token (NFT) volumes on the Solana blockchain. The current price of
SOL is now making efforts to establish a support level at $23,
aiming to solidify its position as the fifth-largest cryptocurrency
(excluding stablecoins) in terms of market capitalization. In the
recent Epoch 512, 19.637 million SOL were unstaked, with a net
unstake of 16.516 million SOL (about $372 million). Most belonged
to a16z and the previous Alameda (now or ftx estate). a16z:
BZpEFk…oPPBm7 unstaked 5.006 million SOL, a16z-2: GCmFQL…ozXMwY
unstaked 2.033… — Wu Blockchain (@WuBlockchain) October 6, 2023
Meanwhile, recent updates to Solana Compass have revealed details
about recent activities on the Solana network, particularly during
the 512 epoch. The website that keeps tabs on SOL staking activity
suggests that there were around 19.637 million SOL coins that were
unstaked during this time. (This site’s content should not be
construed as investment advice. Investing involves risk. When you
invest, your capital is subject to risk). Featured image from
iStock
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