{"id":22786,"date":"2022-04-01T11:07:06","date_gmt":"2022-04-01T10:07:06","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=22786"},"modified":"2022-04-01T11:42:06","modified_gmt":"2022-04-01T10:42:06","slug":"solana-sol-rebounds-to-become-the-sixth-largest-cryptocurrency","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/solana-sol-rebounds-to-become-the-sixth-largest-cryptocurrency\/","title":{"rendered":"Solana (SOL) Rebounds To Become The Sixth-Largest Cryptocurrency"},"content":{"rendered":"\n

<\/p>\n\n\n\n

Solana (SOL) <\/a>the native token on the popular proof-of-stake (PoS) blockchain has risen to become the sixth-largest cryptocurrency by market value over the past week.<\/h5>\n\n\n\n
\"Solana
SOLANA<\/figcaption><\/figure><\/div>\n\n\n\n

On Thursday, the coin jumped two spots in the rankings, passing Ripple (XRP) and Cardano (ADA) while avoiding a broader weakness in the crypto market.<\/p>\n\n\n\n

SOL gained about 17% in the previous seven days and is currently trading above $120, its highest level since late November. In the last 24 hours, the token also gained 0.4 percent, while the broader crypto market fell around 5%. <\/p>\n\n\n\n

The token rose in the second half of March, rebounding from a seven-month low in the middle of the month. It had earlier this week surpassed Terra (LUNA) to reach the eighth slot in the top ten cryptocurrencies.<\/p>\n\n\n\n

SOL sees bullish indicators as the mid-March rally extends <\/strong><\/h3>\n\n\n\n

SOL has shown a bullish morningstar pattern for March, indicating that it was ready to recover further after losses earlier in the month, according to popular Twitter analyst @SmartContracter. The token has gained nearly 33% from its March lows around $81. <\/p>\n\n\n\n

\"Solana
SmartContractor on Solana<\/figcaption><\/figure><\/div>\n\n\n\n

SOL's Bitcoin (BTC) pair also displayed a “clear” ABC pattern, indicating that the token was primed for more gains, according to @SmartContracter. \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/p>\n\n\n\n

Institutional interest, video game expectations boost Solana <\/strong><\/h3>\n\n\n\n

SOL received a deluge of positive news through March. Last week,  digital asset manager CoinShares, and the world no 3 cryptocurrency exchange FTX  jointly launched<\/use><\/svg><\/span><\/a> an exchange-traded product that allows users to earn SOL staking rewards without having to buy the token directly. The program is aimed primarily at institutional investors and is expected to draw a significant amount of capital to SOL. <\/p>\n\n\n\n

The token makes up nearly a quarter of the weightage in a recently formed smart contracts fund by digital assets manager Grayscale. Large-scale trading by investment houses is credited with spurring a large crypto rally in 2021 and is usually a bullish indicator. <\/p>\n\n\n\n

Krafton, the developer of the immensely famous PUBG videogame teamed<\/a> up with Solana Labs last week to develop blockchain games, bringing further attention to the token. <\/p>\n\n\n\n

The proposed switch to a PoS strategy by Ethereum has sparked interest in other projects in the space. SOL is now the second-largest player in the area after recent gains. <\/p>\n","protected":false},"excerpt":{"rendered":"

Solana (SOL) the native token on the popular proof-of-stake (PoS) blockchain has risen to become the sixth-largest cryptocurrency by market value over the past week. On Thursday, the coin jumped two spots in the rankings, passing Ripple (XRP) and Cardano (ADA) while avoiding a broader weakness in the crypto market. SOL gained about 17% in […]<\/p>\n","protected":false},"author":32,"featured_media":22793,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[132,275],"class_list":["post-22786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-solana"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/04\/solana-2.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/22786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=22786"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/22786\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/22793"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=22786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=22786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=22786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}