Solana Hits Double Digit Weekly Gains: Is the Bear Trend Over?

27 Jun, 2024 Updated 12 Nov, 2024

By David Pokima

Crypto Journalist

Expertise : Finance/Crypto Journalist

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

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Highlights

Solana (SOL) is soaring above the crypto market following an ETF application filed by asset manager VanEck to the Securities and Exchange Commission (SEC)
Solana (SOL) is soaring above the crypto market following an ETF application filed by asset manager VanEck to the Securities and Exchange Commission (SEC)
Solana (SOL) is soaring above the crypto market following an ETF application filed by asset manager VanEck to the Securities and Exchange Commission (SEC)

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Solana (SOL) is soaring above the crypto market following an ETF application filed by asset manager VanEck to the Securities and Exchange Commission (SEC). The wider crypto market marked slight gains today as bulls attempt to recover lost ground. While the market is up 0.67% to a market cap of $2.29 trillion, Solana has soared almost 7%.

The impact of ETFs on the market has changed the narrative across social media spaces today as sentiments flip for Solana. This comes after a series of negative day trading that wiped out a chunk of the wider market. Bitcoin and altcoins slumped in value, trading below $61,000 before the recent rebound.

Solana Regains Momentum

Solana price has gained traction in the last 24 hours with holders anticipating a surge past the $150 resistance level. At press time, SOL trades at $147.9, a 6.8% surge today while the weekly number pierced double digits at 10%. However monthly figures are at 12% lows following previous bearish sentiment.

The market fall saw the prices of altcoins hit lows not recorded in several months but increasing market activity coupled with industry developments are changing the tide for Solana. SOL’s volume is up 35% to $2.6 billion as bulls project a wider jump over the next resistance level.

Prices of other altcoins also jumped today with top coins posting between 0.50% and 3% gains. Similarly, decentralized finance (DeFi) tokens also saw price gains.

ETF To Sustain SOL Rally

Crypto ETFs are perceived as a bullish pointer due to the inflows of traditional investors to the asset. The launch of spot Bitcoin ETFs changed the narrative as BTC prices soared to an all-time high above $73,000. As volumes increased, traditional investors increased their appetite and turned to Ethereum ETFs which are expected to list this year. Solana-based products will change the narrative for the asset leading to new highs as sustained growth.

Also Read: Bitcoin Inflows: Will BTC DIP Below $60K Again?

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.