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Solana (SOL) up 10% as It Finally Breaks Free From Bear Trap

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Fri, 20/10/2023 - 8:08
Solana (SOL) up 10% as It Finally Breaks Free From Bear Trap
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Solana (SOL) is fast becoming a major altcoin sensation considering its current price action. The digital currency is on a parabolic run with its price trading on spot exchanges at $26.40 amid an 11.31% growth rate overnight. This current Solana price performance is indicative of a broader push in the market but has seen SOL as one of the biggest recipients of an impressive revival.

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Solana has now effectively pared off its losses and has extended its gains in the past seven days. At the time of writing, Solana is up by more than 23% in the past seven days, capitalizing on its massive inflow marked by trading volume that is up 150%, as over $838 million has shifted hands overall.

While Solana is one of the altcoins with an elongated drawdown from the last crypto winter, its bulls are notably fond of capitalizing on new market trends to their benefit. At this time, the trigger is the dismissal of the lawsuit levied on Ripple Labs' executives Chris Larsen and Brad Garlinghouse, a move that is broadly being described as a win for the entire crypto ecosystem.

This news has stirred not just a rally on Solana but the majority of the altcoins in the market, including XRP.

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Solana has won accolades on the market, owing to its unique blockchain protocol. The coin is likely to build on its current momentum to chart a new pathway toward the $30 resistance.

The ecosystem is supportive of this ambitious plan as Deribit has plans to list the coin's SOL options in the coming months. The critical comeback Solana is making has allowed it to pare off some of its deep drawdowns from the past bear market, and today, it is down 89% from its all-time high (ATH), a figure better than those of its peers.

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