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Amidst declining market, Solana up 20% on the day

Photo of: Joseph Stone
by Joseph Stone

In a declining crypto market, Solana is acting as an exception with a strong SOL price increase of 18% in 24 hours and more than 30% over 7 days.

Over the last 24 hours, the cryptocurrency market has grown by 3.63% to $1.5 trillion. However, a day earlier, this same market was melting by $200 billion and $300 billion over a week.

This slight increase on Wednesday, June 9 is mainly due to a rise in the price of Bitcoin by 4% to about $ 34,000. But over the past 7 days, the prices of the main cryptocurrencies in the ranking are all showing declines.

In the Top 10, only the USDC stable coin and USDT are holding steady. Stability, however, is the very principle of these digital currencies. Nevertheless, a few rare crypto-assets are holding their own despite this downward trend.

This is particularly the case with Solana and its SOL token. At 9:40 a.m. on June 9, the SOL price was up 17% to $43. Better still, over the course of a week, it was even up by a very strong 36%.

It must be said that the news of the blockchain technology Solana is very encouraging. Solana would be in the process of raising several hundred million dollars of new capital. According to anonymous sources, the project is currently raising between $300 million and $450 million.

“I am excited and impressed to see the recent growth of Solana’s business. They’ve had cutting-edge technology for some time,” Sam Bankman-Fried, the billionaire creator of FTX, recently hailed.

The adoption of its blockchain reflects on the value of its SOL token. Recall that in early January, it was quoted at about 2 dollars. On June 9, the price is therefore up 17% to just over 43 dollars. Clearly, its value has increased by 20 times in less than 6 months.

Another blockchain technology and its token are also enjoying strong interest in recent months. It is Polygon and MATIC. However, the latter does not escape the current market trend. Over 7 days, the price of MATIC declines by almost 20%.