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Solana (SOL) up 7%, Can SOL Beat XRP's Latest Run?

Wed, 08/09/2023 - 13:14
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Godfrey Benjamin
Solana has joined broader altcoin rally with close similarities to XRP
Solana (SOL) up 7%, Can SOL Beat XRP's Latest Run?
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Solana (SOL) is on a bullish run today as it joins the altcoin resurgence on the market. At the time of writing, the coin is up by 7.2% over the past 24 hours to $24.79, and in the past week, the coin has printed a total growth of 16%.

Solana Daily Chart
Solana Price Chart. Source: CoinMarketCap

Can Solana (SOL) Become Best Performing Asset This Year?

While the growth of Solana is not unusual, the steady rise over the past week has showcased a propensity for a likely more targeted run across the board. From its trading volume, which is up by 58% at the time of writing, to its social sentiment, Solana appears primed for more ambitious growth, at least in the short term.

Solana-XRP comparison

Solana's growth pattern appears similar to those of its peers, including XRP. With Solana up by 7% overnight, XRP has inked just 3.95% growth with a corresponding slump of 7.31% in the past week.

Though the short-term growth outlook of Solana is more bullish than that of XRP, in the past month, XRP has set such a high bar that it makes it one of the most profitable altcoins around today.

The positive XRP ruling helped push the price of the cryptocurrency to such a high pedestal that investors are still largely using it as a yardstick to stack up the coin. Over the past month, XRP has retained a growth pace of 37%, a figure that compares to the 15% Solana recorded within the same time span.

Overall, XRP is outpacing Solana in terms of price growth, a sign that shows Solana has a steeper upside for growth.

Solana (SOL) Launches New Tool for Developers: Details

Potential Solana growth trigger

When viewed alone, Solana is on track to retest its monthly high of $29, and the key triggers for this are its growing decentralized finance (DeFi) and non-fungible token (NFT) ecosystem, both of which are proof of robust developer activity.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.