Over the last week, Solana (SOL) has emerged as one of the top winners in the crypto market after seeing more green days than red in the last week. It is still continuing the streak into the new week after recording double-digit gains once more. This has now seen the asset move to the top of the most-viewed list on Coinmarketcap.
Solana’s Popularity Grows As Price Balloons
As of Monday, Solana was officially the most-viewed cryptocurrency on Coinmarketcap. This comes after SOL posted gains of more than 22% in a 24-hour period, pushing its price above $16 for the first time since November 2021 following the collapse of the FTX crypto exchange.
After falling to two-year lows, Solana had begun to see interest from investors once more when BONK, a meme coin based on the blockchain, went viral. SOL’s price grew quickly as the popularity of the BONK meme coin rose, which could become the first catalyst that pushed it above $10.
With SOL already riding the wave of the BONK popularity, the crypto market recovery in the early hours of Monday was just an extra boost. Given this, the coin emerged as the best performer so far among the top largest cryptocurrencies by market cap.
SOL price crosses $16 | Source: SOLUSD on TradingView.com
Furthermore, Solana has moved up a couple of spots and is now the 11th largest cryptocurrency. This means that in the last week, SOL has been able to surpass the likes of Shiba Inu, Polkadot, Litecoin, and DAI to achieve this feat.
Can SOL Hold The Gains?
When Solana (SOL) had originally begun its recovery trend last week, it was unclear if the digital asset would be able to hold its gains. However, it is now clear that it was not a short-lived rally as not only has SOL held gains, but it has seen even more upside since then.
Right now, SOL is seeing support just above $16 which means that it has secured this bull trend. Resistance has now been successfully pushed back to $17 but even then, bears are having a hard time putting up enough of a roadblock to matter.
If Solana were to break above this point, then its next target would be set at the $20 level, which would put SOL at a fair price level compared to the broader crypto market. This would mean that the FTX collapse is already priced in the price of the digital asset and it can then start moving with the market as it did before early November 2021.
SOL is currently trading at$16.4 at the time of this writing. Its price is up over 22% in the last day with a trading volume of $1.55 billion.
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Capital.com, chart from TradingView.com
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