The cryptocurrency market has faced a rough ride since the beginning of 2022. Over the past few weeks, the market also relished a bullish ride before bears took over control today where major cryptocurrencies are bleeding red.
Bitcoin, the world’s largest cryptocurrency by market cap dropped hovering around the $44,000 and $45,000 range, the currency dragged altcoins too.
Solana Enters the 6th Position!
Most of the Altcoins including the second largest currency by market cap, Ethereum have been dragged down. However, Solana, the native token on the popular proof-of-stake (PoS) Blockchain, manages to hold its bullish run and has now entered the sixth-largest cryptocurrency by market capitalization overtaking Ripple (XRP) and Cardano (ADA).
At the press time, Solana (SOL) is trading at $125.82 with an increase of 2.04% in the last 24hrs and Solana has also jumped more than 20% over the last seven days
Earlier in mid-March, Solana (SOL) had also overtaken Terra (LUNA) to reach the eighth position in terms of market capitalization.
SOL Price Continues March Bull Run!
SmartContracter, a popular crypto analyst tweets saying that for the month of March Solana has been a bullish morningstar recovering earlier losses. From March lows the token is up nearly 33%.
The well-known analyst also asserts that the SOL and Bitcoin pair showed a clear ABC pattern, indicating more gains.
Solana’s Increased Institutional Interest To Fuel More Price Gain!
On March 23, CoinShares, a digital asset manager, and FTX, a crypto exchange, together launched an exchange-traded product offering SOL staking rewards without buying the token directly. This announcement fueled Solana’s price gains from where the recovery phase of the token began.
Also in the digital asset manager, Grayscale’s smart contract launch, the SOL token holds nearly a quarter of the weightage.
Solana has also entered the world of gaming. Last week, the popular video game, PUBG developer, Krafton, partnered with Solana Labs on the verge of developing blockchain games.