The beginning of the week has brought a positive wave to the cryptocurrency market, particularly benefiting Solana (SOL). As the market trends upward, Solana has shown a promising weekly performance, delighting investors. The total market capitalization in the cryptocurrency sector saw a notable increase of 2.33% over the past 24 hours, reaching $2.31 trillion, which has boosted hopes for further gains.
How Did Solana’s Price React?
Recently, Solana has been outpacing the overall market, quickly rebounding from fluctuations observed in the past two weeks. This swift recovery has positioned SOL at the top of the weekly gains list among the top 10 cryptocurrencies. Following recent ETF applications, Solana’s price surge at the start of the week has caught significant attention.
Trading at $147.40 after a 2.01% increase over the last 24 hours, Solana has also seen its market cap rise above $68.1 billion. The daily trading volume experienced a substantial boost of 45.8%, reaching $1.96 billion. Meanwhile, the SOL/TRY pair saw the price at 4800 TRY, highlighting its strong performance in different markets.
What Are the Concerns About Monthly Performance?
Despite the positive daily and weekly trends, Solana’s monthly outlook remains a point of concern, with a 30-day price decline of over 12%. As of today, SOL has yet to reclaim its support level prior to the recent downturn. Some investors believe the current price movement is still below expected levels.
Key Inferences for Investors
For investors seeking actionable insights, consider the following:
- Solana’s rapid recovery may indicate strong market confidence.
- The rising trading volume suggests increased investor interest.
- Monitoring ETF approval news can provide clues for potential price movements.
ETFs and Market Impacts
Spot Solana ETFs have stirred the market significantly. This development could profoundly impact SOL’s future price. The approval of spot Bitcoin ETFs in January, which led to substantial institutional investments, serves as a precedent. The subsequent rise above $73,000 to new all-time highs caught global attention. A similar event following the approval of spot Ethereum ETFs in May 23 hints at what could happen for Solana. Such moves could potentially elevate Solana to unprecedented levels.