Solana (SOL) has been listed among the top cryptocurrencies to watch this week by crypto and finance site Investopedia.
This is no longer a surprise considering that at one point over the past seven days, the digital asset, which was down to $9 at the end of December, managed to increase its value by 46%.
SOL outperformed industry leaders Bitcoin and Ethereum and all other top crypto assets that ranked 10th in terms of market capitalization.
It would appear that Solana Network is now ready to move on and rebuild after the collapse of crypto exchange FTX, where it had significant exposure thanks to the 3.24 million common shares and 134.54 million FTT tokens it held. .
SOL seems to be on the right track in the early days of 2023, as a quick look at its intraday performance reveals that its current rise is not over yet.
Image: Coinpedia
Solana rises more than 60% before the minor correction phase
According to follow-up Coingeckoat the time of writing, Solana was changing hands at $16.41 and is up nearly 12% over the last 24 hours.
Over the past seven days, SOL has posted an impressive 45.7% rise, while in its monthly performance to date (MTD), the crypto asset is up 21%.
However, it is important to note that this came after the altcoin entered a minor correction phase that saw it drop below the $17 marker.
Just hours before the close of trading sessions on January 9, Solana hit a high of $17.37 but was unable to hold his run in that particular territory.
Meanwhile, price analysis points such as the Relative Strength Index (RSI) indicate that SOL remains bullish and could soon test the price range of between $16.5 and $18.2.
Analysts, however, are not convinced that the cryptocurrency’s gains are a representation of a long-term trend and could only be a “knee reaction” to months of bear cycles.
SOL total market cap at $5.9 billion on the daily chart | Chart: TradingView.com
Meme Coin BONK Helping Solana’s Rally
In addition to the efforts made by the Solana Foundation to move on after being hit hard by events involving Sam Bankman-Fried’s FTX company, SOL seems to have benefited from BONK’s huge success.
The Solana-based meme cryptocurrency managed to increase its total market capitalization by more than 1,000% last week as it garnered attention in the digital currency space.
At the time of publication, the digital asset It is trading at $0.00000161 and enjoying a 97.5% increase in value over the past seven days. It now has an overall valuation of $66.81 million.
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