Solana (SOL/USD) went up by 2.01%, standing out as the best-performing large-cap cryptocurrency in the past 24 hours, even though major cryptocurrencies like Bitcoin and Ethereum have been dropping.
Solana, the fifth-largest cryptocurrency by market value, increased by over 8% in one day, while Bitcoin and Ethereum saw significant losses, with Bitcoin down 2.13% and Ethereum down 5.02%.
Solana’s Surge in Trading Volume and Market Performance
Solana’s trading volume surged by 156% to reach $3.5 billion, making it the third-most traded cryptocurrency (excluding stablecoins) in the last 24 hours. This impressive rally helped offset losses from the previous week.
For those interested, Wormhole is a communication bridge between Solana and other blockchain networks, enabling the transfer of tokens and NFTs. Additionally, WBTC is a tokenized version of Bitcoin designed to integrate Bitcoin into decentralized finance through an ERC-20 token.
Source: X
Solana’s Rally and Predictions for Altcoin Market Recovery
Solana’s recent rally comes amid predictions of an impending recovery in the altcoin market.
Michaël van de Poppe, a well-known cryptocurrency trader and analyst, believes that altcoins may have hit a ‘possible bottom’ as they bounced back during what he views as the final phase of the market’s correction.
Source: X
The widely-followed trader had previously indicated that he was strategically positioned for an altcoin rally and expected significant capital rotation in the coming weeks.
At the time of writing, SOL was trading at $136.22, marking an 8.08% increase in the last 24 hours.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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