Solana is making moves to reenter the top 10 cryptos, as its current market capitalization shot up following a recent rally. With a market capitalization of $6.1 billion, Solana ranks as the 11th largest cryptocurrency.
Layer 2 scaling solution Polygon sits in 10th place with a market capitalization of $7.55 billion. According to data from CoinMarketCap, the value of Solana's SOL token has increased by 22% over the past 24 hours, returning to a level last reached in November after the FTX collapse.
Out of all top 20 coins, Solana had the best first week of the year, boasting a 49% increase over the previous seven days. SOL has recovered remarkably after falling more than 41% in the wake of the FTX crash.
FTX co-founder Sam Bankman-Fried was a strong backer of Solana. The disgraced founder's fall took Solana with it, with its subsequent fallout from the top 10 cryptocurrencies in terms of market valuation as the SOL price tumbled.
SOL kicked off a recovery after hitting a low of $7.96 on Dec. 29. The price rebound caused Solana to cross an important price barrier at $12.85, or the daily MA 50. The price of SOL furthered its rise to a high of $14.87 on Jan. 8, which later extended to a high of $16.89 today. At the time of writing, SOL was trading at $16.53.
The rise in the past week coincided with the launch of the new Shiba Inu-themed BONK token. Aside from the impressive price action, Solana is also posting encouraging staking stats.
According to the Staking Rewards website, the overall number of stakers on the Solana network has increased over the last seven days to 585,118, which represents an increase of +56.39%.