The positive start to the week in the cryptocurrency world also positively impacted Solana (SOL). While the market displayed a green outlook today, the clear positive weekly view on SOL pleased investors. Additionally, the total market value in the crypto world increased by 2.33% in the last 24 hours, reaching 2.31 trillion dollars, which once again raised expectations for a rise.
Solana Price Update
Solana is known for moving faster than the market in recent times. It seems to have quickly recovered from the fluctuations of the last two weeks, surpassing the market in the recent recovery attempt. The rise in SOL’s price at the beginning of the week, following the ETF applications last week, placed it at the top of the weekly gains list among the top 10 cryptocurrencies.
The price increase in Solana attracted more attention than other cryptocurrencies in the top 10, excluding Cardano (ADA).
Looking at SOL’s price, it is trading at $147.40 after a 2.01% increase in the last 24 hours. Parallel to the price increase, the market cap also rose above 68.1 billion dollars. The daily trading volume saw a significant increase of 45.8%, reaching 1.96 billion dollars. When examining the SOL/TRY pair, the price is seen at 4800 TRY.
Despite all these positive daily and weekly outlooks, the monthly view still raises questions. SOL’s 30-day price view indicates a decline of over 12%.
As of today, SOL still hasn’t reached the support level it had before the decline wave that started in the past weeks. Investors commenting on this situation believe that the price movement is still not at the expected level.
ETFs and Market Impacts
News from spot Solana ETFs created a significant impact in the market. It is thought that this situation could have an important effect on the price in the future. The process that started with the approval of spot Bitcoin ETFs on January 10 is known to have triggered institutional investor entries and brought a new breath to the cryptocurrency world.
As mentioned, the price rising above $73,000 and reaching new ATHs after the approval of spot Bitcoin ETFs in January attracted the attention of the whole world. It is thought that this could also happen after the spot Ethereum ETFs, which received their first approval on May 23. Such an event on the SOL side could potentially take SOL to a whole new level.
