Solana (SOL) Rockets 14% Following Community & YTD Growth

SOL records an optimistic increase after Solana’s performance leaves other top 10 cryptos in the dust.

Solana SOL rocket in space flying next to Solana sol tokens.
  • The price of SOL records an optimistic increase on the seven-day chart.
  • Solana’s performance from January 1st leaves other top 10 cryptos in the dust.
  • The Solana Foundation is currently taking part in Paris Blockchain Week.

Despite a history of network outages, the Solana (SOL) network records a week of notable growth, hinting at a bullish breakout.

Solana’s recent price surge is driven by positive market sentiment displayed after notable ecosystem developments over the past seven days.

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The network records notable achievements in year-to-date (YTD) performance, community activity, and an association with Paris Blockchain week. The network’s native cryptocurrency, SOL, enjoys a week of gains heading into the end of March.

What’s Behind the SOL Price Surge?

The Solana ecosystem is amidst a week of development.

On Friday, March 17th, Solana’s Grizzlython hackathon concluded, recording 800 project submissions from the developer community. The hackathon aimed to boost the growth of decentralized applications (dApps) and smart contracts in the ecosystem.

Grizzlython is thus hailed as the biggest hackathon in the history of the protocol. 

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Furthermore, CoinGecko has reported that Solana claims the #8 spot on the top ten cryptocurrencies by year-to-date (YTD) performance. Solana’s performance of a 117% increase from January 1st leaves the remaining top ten cryptocurrencies in the dust.

List of top 10 crypto with 18th March and 1st January 2023 price comparison.

Source: CoinGecko

In contrast, Bitcoin (BTC) and Ethereum (ETH) recorded a 66% increase and a 50% increase, respectively, almost half of Solana’s increase.

The increase in the price of SOL is also attributed to the network’s association with the running Paris Blockchain Week. Amelia Daly, Solana Foundation Head of Partnerships, will speak at the event.

Seven-Day Price Chart for Solana.

Seven-Day Price Chart for Solana. Source: CoinMarketCap

At the time of writing, SOL is trading at $22.70, recording a 14.02% boost over the past seven days. 

Created by Anatoly Yakovenko, Solana’s native cryptocurrency created a bullish hammer candlestick on March 10th. This caused a reclaim of the 0.5 Fib retracement support level of $17.66. The reclaim is considered bullish, as similar movements often result in significant upward movements.

The potential for growth and innovation is seen as a positive sign for the increased adoption of the Solana protocol.

On the Flipside

  • The Altcoin remains at a massive 91.24% decline from its all-time high (ATH) of $259.29 on November 6th, 2021.
  • Notable NFT marketplace Formfunction is closing its doors on March 29th.
  • Solana currently claims the #10 rank by market capitalization, according to CoinMarketCap.

Why You Should Care

Solana has continued to develop following the notorious crypto winter of 2022. The Solana community has anticipated notable growth after the network’s founders shared their optimistic vision for 2023.

Read more about recent woes on Solana:
Formfunction’s Demise: Solana (SOL) NFT Marketplace Takes a Hit

Read more about recent woes on Cardano:
Cardano (ADA) Founder Shuts Down CIP-1694 Governance FUD

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Monique Brelage

Monique Brelage is a South African cryptocurrency news reporter at DailyCoin focused on the Cardano (ADA) and Solana (SOL) ecosystems. She aims to convert complex topics into digestible and engaging news pieces for readers of all knowledge levels.   Before her journey with DailyCoin, Monique has immersed herself in the realm of NFTs and Web 3.0 since 2019. Her experience in multiple industries enables her to conduct critical analyses and convert it into her writing. She acknowledges the profound impact decentralization, Web 3.0 technology, and everything beyond will have on the future.   Monique completed a Bachelor of Communication from NWU in 2020. Her background in media studies, creative writing, and philosophy helped shape her method of news curation, thereby ensuring a broader perspective to help readers remain critical of what they see. Monique's articulation, writing quality, and work ethic are professional qualities she takes pride in.   Monique lives on a farm in South Africa with her partner and cat. She works on her NFT and tattoo art in her free time, and enjoys the natural world around her. She likes reading material that broadens her perspective, indie music, and video games to blow off some steam.