The cryptocurrency market has finally shown the first signs of a recovery with the majority of assets entering the green zone. According to CoinMarketCap, Solana is currently leading the rally among the largest altcoins on the market with almost 20% growth.
Solana's tough January
As the chart of the altcoin suggests, Solana experienced a sharp recovery that allowed it to start trading above the $100 zone, which was considered an important milestone for the coin. Previously, SOL dropped far below the $100 support and reached $81 shortly after.
The rapid drop in value has additionally been fueled by network issues that led to constant downtimes, congestion and other issues present in January. Numerous users expressed their concerns while working with the network.
Despite the NFT craze that took place on the digital assets market, Solana and Ethereum failed to maintain their previous levels and dropped by approximately 50% from their all-time highs.
Other altcoins follow
In addition to Solana, other altcoins like DOT, ETH and LUNA have joined the recovery rally with an average of 10% growth during the recovery. But while 10% may seem like a significant recovery, the total loss for assets like LUNA during the week still stays at 21%.
The leading altcoin of the industry, Ethereum, is currently trading above $2,770 and reaches the previously breached support of $2,860. As U.Today previously covered, the price increase on both Bitcoin and the altcoin market was present with no volume support whatsoever, indicating that the short-term recovery rally might be hollow.
Cryptocurrency market capitalization, in general, currently stays at $1.74 trillion, while being $1.68 trillion the day before.