Solana
Why Solana’s (SOL) Weekly Gain Could Hold Despite Pressure
Crypto assets have been gaining momentum as bulls look to strengthen their position in major assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). The broader market capitalization of cryptocurrencies soared to $2.25 trillion, an increase of 2.43% over the past 24 hours. Although the market capitalization soared, average daily trading volumes fell 16% to $60.89 billion.
Solana is trading at $147.31, an increase of 3.64% in the last 24 hours and growth of 4.5% this week. This follows previous weeks of capital outflows which saw sharp sell-offs in the market for major assets. Solana remains a crypto asset that outperforms the market in upswings, leading bulls to project higher momentum.
Solana High Performance Bulls Tip
Solana bulls have maintained a firm stance on the asset’s growth this year. The recent highs can be explained by a few factors, including increased institutional sentiment and on-chain activity.
A Whale Solana today acquired SOL for $38 million. According to data from Whale Alert, the address acquired 267,077 SOL, sparking new optimism around the asset. This follows a surge in institutional investor interest in the market.
Another reason why bulls are reporting sustained SOL price performance is the asset’s upward trajectory following the Federal Open Market Committee (FOMC) meeting which left interest rates unchanged. Likewise, the announcement of the Solana-Bitcoin bridge for the third quarter of 2024 is another factor that pushed up the price of the asset.
News that Jito Labs has reportedly developed a restoration tool for the asset also contributed to the price growth. Last year, the asset was labeled a favorite among institutional investors after consecutive weeks of inflows.
Memecoins rally to the market
Memecoins outperformed the broader market with gains in excess of 14%. Dogecoin (DOGE) and Shiba Inu (SHIB) led the major crypto assets’ gains over the past 24 hours. Solana memecoins are up 17% with assets like Crunchcat surpassing 101%.
Dogwifhat, BOME and Popcat represent 11.3%, 12.8% and 12.1% respectively.
Read also: Dogecoin (DOGE) against Shiba Inu (SHIB): best rebound Memecoin