© Reuters.
NEW YORK – In a striking display of resilience, the cryptocurrency (SOL) saw a significant rise today, soaring 17.88% to $62.07. This impressive rally surpassed , alongside a notable 12.65% increase in trading volume. The climb to an 18-month high comes despite recent turmoil around FTX, a major cryptocurrency exchange.
Solana’s strong performance can be attributed to several key factors that boosted investor confidence:
- Adoption by Grayscale Trust, a leading digital currency investment vehicle, which provided an institutional seal of approval; – A substantial increase in decentralized finance (DeFi) activities on the Solana platform, which amplified its transaction volume.
Over the past week, Solana has seen a remarkable 45% growth, coupled with a 173% month-on-month increase. This trend highlights its strong year-to-date performance, which stands out even more when considering the broader market challenges.
Investors are closely following the trajectory of Solana, which is going through its price discovery phase with new targets. The digital currency aims to recover its previous loss of 76.24% and aim for its all-time high (ATH) of $260.
Notably, the potential impact of FTX’s asset liquidation has not negatively affected Solana’s price stability. The market is looking forward to what has been projected as the “biggest payday of the year” for the cryptocurrency, indicating a bullish outlook for its near-term prospects.
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