Solana Price Rises 3.78%, Enters Top 10 Cryptos

Bittime - Solana (SOL) managed to record a price increase of 3.78%, securing its position in the top 10 cryptocurrencies based on market capitalization. This increase occurred even though the crypto market in general only showed minor increases at the start of this week.

Solana Outperforms the Crypto Market

Despite continued price volatility, Solana managed to stand out with superior performance amidst the crypto market's attempted rebound. In the last 24 hours, SOL price rose 2.33%, encouraging a broader bullish outlook and increasing the market cap to $2.31 trillion at the time of publication.

This increase was also influenced by the recent filing of two ETF applications which improved market sentiment. Although bulls are eyeing the $150 level, there are concerns from bears that insufficient volatility and sentiment could make the level unsustainable.

Solana Joins Top 10 Cryptos

Apart from Cardano (ADA), Solana price rose and joined the ranks of the top 10 cryptocurrencies by market capitalization. SOL is trading at $148.15, representing a gain of 3.78% in the last 24 hours, trailing only ADA which recorded a comeback of 5%.

This price increase pushed Solana's market cap past $68.5 billion, with daily trading volume increasing drastically by 45.8% to $1.89 billion.

Weekly Growth Indicates Resurgence

Although monthly data still shows the red zone, Solana's weekly growth shows that this asset is on the verge of revival. In the past week, Solana recorded a gain of more than sixteen percent. Based on the latest on-chain data, market analysts project that this asset will continue to move up.

The Impact of the Solana Spot ETF on Market Sentiment

Solana's recent spot ETF listing continues to significantly impact asset prices. This year, exchange-traded funds (ETFs) have provided a major boost to the cryptocurrency market thanks to massive institutional investment in the sector.

The approval of a spot Bitcoin ETF in January changed the dynamics of the situation, as the currency hit an all-time high of more than $73,000. Additionally, Ethereum products expected to be released this summer have also sparked positive movement. Solana holders emphasize the importance of institutional inflows as a way to achieve sustainable growth.

Conclusion

Solana's price increase of 3.78% which made it into the top 10 cryptocurrencies is a positive indicator for the future of this asset. With increasing trading volumes and support from spot ETFs, Solana has the potential to continue growing amidst changing market dynamics.

Analysts and investors will continue to watch these developments closely, especially given the opportunities for further growth in the months ahead.

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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.