NewsCoins

Solana Leads Recovery Amid Crypto Crash

As the crypto market shows some signs of recovery following the weekend’s dip, Solana is leading the way, jumping several points.

2 min read
Solana cryptocurrency. Image: Shutterstock

The price of Solana 's native token, SOL, has surged in the last 24 hours, hitting a daily high of $95.91 on Monday morning.

Despite backtracking to $94.35 at the time of writing, SOL is still one of the top gainers of the day, up 5.4% over the last 24 hours.

With a market cap of $30.14 billion, SOL is currently the eighth-largest crypto asset, according to CoinGecko. Solana’s closest competitor is Cardano with a market cap of $30.95 billion.

The latest price action may have been spurred on by moves from the Solana Foundation, a Swiss-based non-profit organization behind the network's development, to arrange a series of in-person events across the globe aimed at supporting the developer ecosystem.

Called "The Hacker House," the world tour of physical events will be happening in the coming weeks in cities including Moscow, Prague, Berlin, and New York, as well as Brazil's Florianópolis and Nassau, the capital of the Bahamas.

Often dubbed "the Ethereum killer," Solana is an advanced blockchain platform specifically designed to support massively scaling decentralized applications (dApps).

Despite some recent controversies, including the network's "partial outages" and the community's monetary disputes, Solana is enjoying growing popularity in the world of non-fungible tokens (NFTs) and decentralized finance (DeFi), with as much as $7.6 billion in total value in Solana-based projects.

Terra, Ethereum post gains

Among the ten largest cryptocurrencies, Terra (LUNA) climbed 5.9% over the last 24 hours to $51.85, while Ethereum is up 3.4% over the day, currently changing hands at $2,725, per CoinGecko.

Bitcoin fell to the intraday low of $38,300 on Sunday, however, is up nearly 2% in the last day, trading at $39,046 by press time.

Elsewhere, Cardano is up 2.6% to the current value of $0.972, while Binance Coin and Avalanche grew by 1.4% and 1.6%, respectively.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Want to be a crypto expert? Get the best of Decrypt straight to your inbox.

Get the biggest crypto news stories + weekly roundups and more!