Solana SOL/USD defied the slump in blue-chip currencies to emerge as the best-performing large-cap cryptocurrency in the last 24 hours.
What Happened: The fifth-largest coin by market valuation jumped more than 8% on a day where Bitcoin BTC/USD and Ethereum ETH/USD bled significantly.
SOL's trading volume surged 156% to $3.5 billion, catapulting it to become the third-most traded cryptocurrency (barring stablecoins) in the last 24 hours. The rally helped to offset losses encountered over the previous week.
See Also: Trump Reportedly Discussing Participation In Bitcoin 2024 Conference, Move To Reinforce ‘Crypto President’ Image?
While not conclusive, the uptick could be attributed to the launch of Wrapped Bitcoin WBTC/USD on Solana, as confirmed by Wormhole in an X post.
For the curious, Wormhole is a communication bridge between Solana and other blockchain networks, facilitating the transfer of tokens and NFTs. WBTC is a tokenized version of Bitcoin, aimed at bringing the coin into decentralized finance through an ERC-20 token.
Why It Matters: Solana's relief rally comes amid predictions of an altcoin market recovery.
Michaël van de Poppe, a popular cryptocurrency trader and analyst, believes altcoins may have reached a ‘possible bottom’ as they bounced during what he thinks is the final stage of the market’s corrective phase.
The widely-followed trader had earlier revealed that he was well-positioned for an altcoin rally and anticipated big capital rotation in the next few weeks.
Price Action: At the time of writing, SOL was exchanging hands at $136.22, surging 8.08% in the last 24 hours, according to data from Benzinga Pro
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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