Crypto News– Solana (SOL) experienced an impressive surge in the early hours of Friday, breaking through the $25 barrier and reaching a three-month high of $26.84, a level not seen since July.
Solana Skyrockets by 12% Overnight as Crypto Market Recovers 43 Billion Dollars in Value
At the time of this report, SOL has seen a remarkable 12% gain in the past 24 hours, and an even more substantial 26% increase over the last week, according to data from CoinGecko.
This bullish move has led to the liquidation of more than $6.2 million in short positions, as per data from CoinGlass, effectively putting a halt to bearish sentiment.
Often dubbed an ‘Ethereum killer,’ Solana operates as a proof-of-stake blockchain network that provides the infrastructure for the development of various decentralized finance (DeFi) and non-fungible token (NFT) projects.
Solana’s remarkable ascent coincides with a broader surge in the cryptocurrency market, witnessing a 4.3% increase in total market capitalization, adding a staggering $43.3 billion to the market.
Elsewhere in the cryptocurrency markets, XRP has demonstrated an 8.4% price boost for the day, currently trading at $0.51. This could be attributed to the U.S. Securities and Exchange Commission (SEC) dropping charges against Ripple’s CEO Brad Garlinghouse and the company’s executive chairman Chris Larsen, who, along with Ripple, were accused of violating securities laws in connection with the sale of the XRP token.
Bitcoin has also witnessed a nearly 5% increase for the day, pushing its price just below $30,000.
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