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Cryptocurrencies: 12,885
Markets: 942
Marketcap: $ 2.10 T(0.32%)
24h Vol: $ 59.98 B
BTC Dominance: 48.13%

Solana Price Surges to a New ATH Above $98 Following Market Rally

The price of Solana’s native token (SOL) surged by 17.15% in the last 24 hours, reaching an all-time high of $98.63 according to data from CoinGecko. This rally propelled SOL to become the fourth-largest cryptocurrency, surpassing Binance Coin (BNB) with a market capitalization of approximately $42 billion.

Trading Volume and Open Interest Soars

SOL’s contract trading volume saw a 32% increase, crossing the 10 billion mark, while open interest in SOL contracts on exchanges reached $1.34 billion as per data from DeFi Llama, making it the second-highest in open interest after Bitcoin (BTC) and Ethereum (ETH). The total value locked (TVL) on the Solana blockchain also exceeded $1.3 billion.

Famed Trader Sells SOL Holdings

Despite the rally, significant players like Arthur Hayes, co-founder of BitMEX, sold his SOL holdings in favor of Ethereum (ETH).

Year-to-Date and Two Month Gains

Solana has experienced a 700% increase since the start of the year, with a 5-fold increase in the last two months alone.

Bitcoin Flirting With $44k

Bitcoin (BTC) traded above $44,100, potentially influenced by recent spot ETF filing updates according to analysts.

The bullish momentum across the crypto markets seems to be continuing into Friday, benefiting altcoins like Solana (SOL).

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