Solana Reaches New Yearly High
After a brief slowdown, Solana (SOL) has continued its rally and reached a new yearly high. At the time of writing, SOL was trading at $62.16, representing a more than 12% 24-hour climb according to CoinGecko. The Ethereum competitor has the best gains over a seven-day period out of the top 20 coins by market cap, and has shot up by 165% in the past 30 days, making it the best-performing major cryptocurrency.
Investors are once again plugging cash into SOL due to renewed hype around the asset’s ecosystem, which has attracted interest from Visa and Shopify. The massive rise in SOL’s price earlier this month was also attributed to a short squeeze, forcing traders who were betting against the asset to buy and avoid further losses.
Solana, once a favorite of collapsed crypto company FTX and its convicted criminal boss Sam Bankman-Fried, saw its price temporarily hurt due to an increase in traders betting on the asset’s fall. However, with the market turning bullish again, SOL’s price is on the rise.
Market Overview
Bitcoin dropped nearly 1% over the day, trading at $36,180 at the time of publication. Bitcoin is up 115% for the year. Ethereum is down slightly today, trading at $2,013 and up nearly 60% for the year. Of all major digital assets on Wednesday morning, SOL was by far the biggest gainer.
Hot Take: Solana Continues to Shine
Solana’s impressive rally and new yearly high demonstrate its resilience and attractiveness to investors. With renewed hype around its ecosystem and strong performance compared to other major cryptocurrencies, SOL continues to prove itself as a top contender in the market.
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