Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Cryptos

Solana recovers by over 45%

Ajibola AkamobyAjibola Akamo
2 years ago
in Cryptos, Markets
Solana recovers by over 45%
Share on FacebookShare on TwitterShare on Linkedin

Solana (SOL) has recovered over 30% and is the highest gainer for the day after hitting a bottom of $20.38 yesterday. SOL bounced overnight on Wednesday, outpacing its top rivals, including Bitcoin (BTC) and Ether (ETH) after the cryptocurrency market declined amidst news surrounding China’s crackdown on cryptocurrencies and mining.

Solana was among the top losers at the beginning of this week. It declined by more than 42% on Monday to trade a low of $20.38. Similarly, Bitcoin lost 19.07% in the same period while Ether, the second-largest cryptocurrency and Solana’s blockchain rival, dipped 24.75%.

The decline was short-lived as top cryptocurrency tokens ticked back after a few hours. Bitcoin bounced 19.44% to $34,400 from its sessional low of $28,800 and Ethereum rebounded by up to 20.29% to $2,045 after testing the $1,700 support zone.

Reasons for Solana’s quick recovery

Pyth Network announced it has added LMAX Digital, an institutional exchange operator, as its data provider. They stated on their Twitter account, “We are thrilled to announce @LMAX, the leading independent operator of institutional execution venues for FX and cryptocurrency trading, as the first institutional exchange joining @PythNetwork as a data provider!”

Pyth Network operates on Solana’s proof-of-stake blockchain protocol and it is optimized for scalability. Solana proposes to assist developers in creating decentralized applications (DApps) without having to design around performance bottlenecks.

Rumours that Solana would raise another $450 million to develop an ‘Ethereum Killer’ have also kept SOL’s bullish trend intact despite the market crash yesterday. Solana’s team is yet to confirm or deny the report.

SOL’s latest bearish trend saw the cryptocurrency test a triple-support confluence zone, providing day-traders with a psychological entry-level in addition to Solana’s development as a blockchain project. This indicator has also kept the price of Solana on a bullish trend.

What this means

Solana is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. The network aims to compete with the likes of well-established Ethereum and up-and-coming Cardano in the smart contract space.

The cryptocurrency is currently on a bullish trend and investors can take advantage of the current market condition by applying dollar-cost averaging when investing. SOL is trading at $31.26, up approximately 45% for the day, as of the time of writing this report.

Related

Tags: Bitcoin (BTC)Decentralized finance (DeFi)Ether (ETH)Solana (SOL)

Leave a Reply Cancel reply

HFM
Mega Millions
Mega Millions
Standard
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Vice President Osinbajo says cashless policy will help track election financing
  • Lagos moves to eliminate quacks in real estate sector
  • Nigeria’s bonds jettisoned at fastest pace in 3 months following Moody’s downgrade

Follow us on social media:

Recent News

Vice President Osinbajo says cashless policy will help track election financing 

Vice President Osinbajo says cashless policy will help track election financing

January 30, 2023
Lagos moves to eliminate quacks in real estate sector

Lagos moves to eliminate quacks in real estate sector

January 30, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds

© 2023 Nairametrics