Solana Leads Crypto Market Rebound, Jumps 10% Overnight

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Solana (SOL) saw a strong price surge, outpacing the rest of what is already a bull market.

SOL is up over 10.1% over the past day, hitting a monthly high of $22.50, according to data from CoinGecko. The rapid rise also left nearly $2.7 million in liquidation, with more than 92% of that figure comprised of blown short positions, according to Coinglass.

Solana is a fast blockchain and proof-of-stake (PoS) network launched in March 2020 by Solana Labs. Like many other popular Layer 1 networks, developers can create various decentralized finance (DeFi) applications and non-fungible token (NFT) projects on the network.

Another factor that is generating excitement around Solana is the release of Saga, an Android smartphone powered by the Solana blockchain, on April 13. The phone should allow users to create their own NFTs from anywhere and access the wider ecosystem of Solana-based apps and projects. .

The Solana team unveiled the Saga smartphone last year in June 2022. It is expected to cost users $1,000.

Apart from the launch of new equipment and an upturn in the markets, the fundamentals of the networks have been stable since the start of the year, with no notable improvement.

NFT transaction volumes have grown from around 2 million SOL per week in January 2023 (worth around $30 million at the time) to 1 million SOL (worth around $20 million) in total volumes over a 30-day period.

NFT weekly trading volume on Solana. Source: Nansen

Total Value Locked (TVL) in DeFi apps increased slightly from $208 million to $294 million year-to-date, per DeFiLlama.

Still, Bitcoin’s psychological breakout above $30,000 yesterday clearly sent a bullish impulse across the entire market.

Cardano (ADA) and BNB also saw strong gains of over 5% in the past 24 hours.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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