Why Solana (SOL) Weekly Gain Might Sustain Despite Pressure
Crypto assets have gained momentum as bulls look to strengthen their position on top assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). The wider cryptocurrency market cap climbed to $2.25 trillion, a 2.43% increase in the last 24 hours. Although market cap soared, average daily trading volumes have plummeted 16% to $60.89 billion.
Solana trades at $147.31, a 3.64% increase in the last 24 hours and a 4.5% growth this week. This comes after previous weeks of outflows that saw sharp market liquidations in top assets. Solana remains a crypto asset that outpaces the market in recovery periods leading to bulls projecting higher momentum.
Bulls Tip High Solana Performance
Solana’s bulls have maintained a strong stance on the asset’s growth this year. Recent highs come in the back of certain factors including increased institutional sentiments and on-chain activities.
A Solana whale acquired $38 million worth of SOL today. According to data from Whale Alert, the address acquired 267,077 SOL sparking new optimism around the asset. This comes after renewed interest by institutional investors in the market.
Another reason for bulls tipping a sustained performance in the price of SOL is the upward trajectory of the asset after the Federal Open Market Committee (FOMC) meeting that left interest rates unchanged. Similarly, the announcement of the Solana-Bitcoin bridge for Q3 2024 is another factor that spiked the asset’s price.
The news of Jito Labs reportedly developing a restaking tool for the asset also helped the price growth. Last year, the asset was dubbed an institutional investor favorite after consecutive weeks of inflows.
Memecoins Rally With Market
Memecoins have outpaced the wider market with gains above 14%. Dogecoin (DOGE) and Shiba Inu (SHIB) have led gains in top crypto assets in the last 24 hours. Solana memecoins are up 17% with assets like Crunchcat soaring above 101%.
Dogwifhat, BOME, and Popcat are 11.3%, 12.8%, and 12.1% respectively.
Also Read: Dogecoin (DOGE) v Shiba Inu (SHIB): Best Memecoin Rebound
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