Solana Leads Crypto Market Rebound, Jumps 10% Overnight

By Nivesh Rustgi

Solana (SOL) has enjoyed a hefty price surge, outperforming the rest of what is already a bullish market.

SOL has increased by over 10.1% in the past day, reaching a monthly peak of $22.50, per CoinGecko data. The swift rise up also liquidated nearly $2.7 million in trades, with more than 92% of that figure made up of blown short positions, according to Coinglass.

Solana is a speedy, proof-of-stake (PoS) blockchain network launched in March 2020 by Solana Labs. Like many other popular layer-1 networks, developers can build out various decentralized finance (DeFi) apps and non-fungible token (NFT) projects on the network.

Another factor prompting excitement around Solana is the release of Saga, an Android smartphone powered by the Solana blockchain, on April 13. The phone is expected to let users mint their own NFTs from anywhere and access the wider Solana-based ecosystem of apps and projects.

Solana's team unveiled the Saga smartphone last year in June 2022. It's expected to cost users $1,000.

Beyond the launch of new hardware and a revival in the markets, the network’s fundamentals have been 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.

Weekly NFT trading volume on Solana. Source: Nansen

The total value locked (TVL) in DeFi applications has increased slightly from $208 million to $294 million year-to-date, per DeFiLlama.

Still, Bitcoin's psychological breakout above $30,000 yesterday has clearly sent a bullish impulse throughout the market.

Cardano (ADA) and BNB have also enjoyed hefty rises of more than 5% over the past 24 hours.

Recommended News