While Bitcoin was floating around $30,000, one altcoin managed to attract attention with its impressive gain in value: Solana (SOL).
This week, SOL led the altcoin rally with a 25% gain, outperforming other major cryptocurrencies. This rally follows Bitcoin's steady gains throughout the week.
Solana's performance has been remarkable, especially considering that the industry's overall market cap has increased by over 3%. YouHodler Market Chief Ruslan Lienkha attributes this rise to investors gaining a clearer understanding of the future of FTX's key SOL holdings:
“SOL remained undervalued for a long time due to its ties to the FTX incident. “The situation regarding frozen FTX assets is becoming clearer over time, so positive news in the sector has a better and greater impact on SOL.”
Ryze Labs Co-Founder Matthew Graham thinks the recent rally reflects a shift in perception as Solana's technology continues to mature:
“Solana has had 100% uptime for over six months. State Compression is also now available. And Solana's high-efficiency technology significantly expands the space developers can create.”
*This is not investment advice.