Bitcoin and Ethereum have fallen by roughly 5 percent.
Solana’s value has risen by more than a third from March’s low of $81.
As of this writing, Solana (SOL) has overtaken Litecoin as the sixth-largest cryptocurrency by market capitalization after a remarkable rise over this past week. On Thursday, a two-place increase saw the cryptocurrency leapfrog Ripple (XRP) and Cardano (ADA) in the rankings, while it also avoided the broader crypto market’s decline. SOL has risen over 17% in the previous week and was trading around $132, its highest level since this month. On the other hand, tokens such as Bitcoin and Ethereum have fallen by roughly 5 percent.
Regained Most of its Lost Ground
The token rebounded nicely from a seven-month low in the second half of March, regaining most of its lost ground. Took the 8th rank in the top 10 cryptocurrencies earlier this week, overtaking Terra (LUNA). Analyst @SmartContracter stated that SOL’s March Morningstar pattern was positive, which indicated that the stock would continue its recovery from past losses. The token’s value has risen by more than a third from March’s low of $81.
Throughout March, SOL received a deluge of good news. One of the leading digital asset management companies, CoinShares, and the third-largest crypto trading platform, FTX, announced an exchange-traded product (ETP) for SOL staking rewards. SOL expects the offering to bring in a significant amount of money from institutional investors.
Grayscale, a digital assets management firm, has established a smart contracts fund in which the token holds approximately a fourth of the weightage. Trading on a large scale by investment firms is credited for propelling 2021’s enormous crypto surge, making it a bullish indication.