Decrypt’s Art, Fashion, and Entertainment Hub.
After cooling its November rally Solana has shot up again: it's right now the best-performing cryptocurrency out of the top 20 coins and tokens.
At the time of writing Solana (SOL) is trading for $60.16 per coin—a 24-hour jump of over 7%, according to CoinGecko. Over the past seven days, SOL has gained 10% in value.
SOL experienced a phenomenal rally throughout November. The Ethereum-competitor price soared past $50 for the first time since May 2022, beating most coins and tokens in performance.
According to experts, the boom was likely down to a short squeeze caused by short sellers exiting their positions and renewed interest from institutions. But that was nearly a month ago and Solana is still pumping.
SOL was the most oversold asset in the space after rumors swirled that collapsed crypto exchange FTX's new management was thinking about selling large amounts of SOL. But it shot up unexpectedly after short sellers (those who’ve bet on the asset going down) rapidly exited their positions.
Over the past 30 days, SOL is up over 70%.
Elsewhere, the crypto market is relatively sleepy. Bitcoin has barely budged over a 24-hour period; the same goes for Ethereum. Other major players like Dogecoin, Tron, and XRP have also not moved by a percentage point.
Bitcoin yesterday did experience impressive price movements, breaking past $38,000 per coin for the second time in a week.
The same goes for most of the top digital assets—except for Avalanche (AVAX), which is up in the past day, coming in at $20.87.
AVAX—like SOL—is also a winner over the past 30 days: it has gained 80% in value. The cryptocurrency experienced a price bump earlier this month after banking giant J.P. Morgan said it had used the blockchain to tokenize portfolios.
Edited by Stacy Elliott.