After slowing its November rally, Solana has fired back: it is now the best-performing cryptocurrency among the top 20 coins and tokens.
Solana (SOL) is trading at $60.16 per coin at the time of writing – a 24-hour jump of more than 7%, according to CoinGecko. Over the past seven days, SOL's price has gained 10%.
SOL experienced an impressive rally in November. For the first time since May 2022, the Ethereum-rival price rose above $50, beating most other coins and tokens in performance.
According to experts, the growth may be due to exit of short sellers and renewed interest from institutions in the short term. But that was a month ago and Solana is still on a roll.
SOL was the most overvalued asset in the space, crashing after rumors that crypto exchange FTX's new management was considering selling large amounts of SOL. But it unexpectedly rose after short sellers (those who bet on the asset) quickly exited their positions.
In the last 30 days, SOL has increased by more than 70%.
Elsewhere, the crypto market is relatively sleepy. Bitcoin didn't drop much in the 24-hour period; The same is true for Ethereum. Other major players such as Dogecoin, Tron and XRP also did not move a percentage point.
Bitcoin experienced dramatic price movements yesterday, surpassing $38,000 per coin for the second time in a week.
The same is true for most of the top digital assets—except Avalanche (AVAX), which was higher the previous day, coming in at $20.87.
AVAX—like SOL—is also a winner over the past 30 days, gaining 80% in value. The cryptocurrency experienced a surge in price earlier this month after banking giant GP Morgan said it had used blockchain to simulate portfolios.
Edited by Stacy Elliott.
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