Solana (SOL) network gained over 15% in the past 24 hours, trading around $18.59. The network’s Web3 smartphone, Saga mobile, contributed to a 300% increase in daily traded volume, reaching $1 billion. Despite allegations of being an unregistered security asset by the SEC, Solana developers and the global community remain optimistic.
Solana Price Analysis
While Solana’s price has been trapped in a macro falling trend since hitting ATH in late 2021, it is observable that the SOL price action has been approaching imminent reversals amid diminishing losses. Having consolidated slightly below the pre-FTX levels, Solana bulls seem rejuvenated for a further pump.
With the recent pump, it is more likely that Solana’s price will close in June retesting the macro falling trend. Meanwhile, crypto traders’ attention remains on the Bitcoin price, which looks ready to break out and eat away at altcoins’ market share.
Also Read: Solana & Litecoin Among the Top Gainers Today-What’s Triggering the SOL & LTC Prices High?
Why SOL Price Is Surging?
After more than a year of development, the Solana network welcomed deBridge Finance to enable developers to seamlessly communicate with other EVM-compatible chains. Moreover, the deBridge Solana SDK allows DeFi projects to easily connect their Solana protocols to the deBridge infrastructure and start sending cross-chain messages.
Secondly, OKX, a popular cryptocurrency exchange, has recently introduced Solana (SOL) to its “Dual Investment Structured Product.” This addition provides users with fresh opportunities to engage with the OKX ecosystem. The Dual Investment product enables users to enhance their profits by selecting a major cryptocurrency pair.
By purchasing or selling an options contract, users can receive payment in either cryptocurrency, thus subscribing to a Dual Investment product. This recent development by OKX may have contributed to the positive sentiment surrounding SOL, especially considering that there have been other unfavorable developments concerning the project.
