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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Solana (SOL) Gains 18% In 7 Days – Here’s Why

Semilore Faleti
Semilore Faleti
2 years ago
3 mins read
MATIC

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The last week in the crypto market has seen the bulls exhibit major control, with most assets recording remarkable profits. Solana (SOL) has been one of these tokens, having been on an impressive roll lately. 

According to data from CoinMarketCap, SOL has gained 18.16% in the last seven days, recording the biggest weekly profit among the top 10 cryptocurrencies in the market. 

Solana Price Action

The 10th largest digital coin began the week trading around $20.32. However, following a general market rally, SOL went as high as $23.63 before experiencing a slight re-correction, bringing its price down to $22.55. 

Thereafter, Solana soon resumed its bullish course to trade above $25 for the first time since February. Although the altcoin did experience a slight fallback after attaining such heights, current price data shows the token is consolidating and could be preparing for another breakout. 

At the time of writing, SOL is trading at a market price of $24.4, having declined by 2.19% in the last 24 hours. According to more data from CoinMarketCap, the token’s daily trading volume hovers around $592.98 million, with the market cap set at $9.57 billion. 

Solana

SOL trading at $24.41 | Source: SOLUSD Chart on Tradingview.com

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What’s Behind Solana’s Rise?

As usual, there is much speculation surrounding Solana’s recent price rally as many wonder what could be pushing this price increase. 

That said, the major driving force behind SOL’s market gain could be the general market rally that occurred this week. On Tuesday, April 12, the entire crypto market received a massive boost on news that the U.S. Federal Reserve could soon end its rate-hike cycle.

Based on a report by Bloomberg, analysts believe that the American central bank will first increase interest rates by 25 basis points in May and maintain that level for some time.

However, the Fed is then expected to start cutting the interest rate later this year or in 2024, allowing more people to invest in volatile assets such as cryptocurrency. 

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Another contributing factor to the price of Solana has been the massive hype surrounding the launch of the Solana Mobile Saga – a crypto-first Android device designed to allow users to interact with their digital assets in an easy and secure manner. 

Saga was launched on Thursday, April 13, and it represents the flagship product of Solana Mobile. 

Meanwhile, the Solana network has also been attractive in recent weeks to developers. Helium, a highly-rated blockchain broadband project, is the latest protocol expected to join the Solana ecosystem in the coming days

Other projects that have migrated to Solana in recent weeks include the Render Network, Hivemapper, to name a few.

Featured image: Investeek, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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