{"id":179135,"date":"2023-10-23T04:57:18","date_gmt":"2023-10-22T23:27:18","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=179135"},"modified":"2023-10-23T04:57:18","modified_gmt":"2023-10-22T23:27:18","slug":"solana-soars-12-overnight-as-crypto-market-recoups-43-billion-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/solana-soars-12-overnight-as-crypto-market-recoups-43-billion-crypto-news\/","title":{"rendered":"Solana Soars 12% Overnight as Crypto Market Recoups $43 Billion – Crypto News"},"content":{"rendered":"
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Solana<\/a> (SOL) has surged past $25 in the early hours on Friday, hitting a three-month high of $26.84 and returning to levels not seen since July.<\/p>\n

At press time, SOL is up 12% over the past 24 hours, and as much as 26% over the last week, according to data provided by CoinGecko<\/a>.<\/p>\n

The move has squashed bears in their tracks, too, with data from CoinGlass<\/a> showing more than $6.2 million in short positions liquidated overnight.<\/p>\n

Billed as an “Ethereum killer<\/a>,” Solana is a proof-of-stake<\/a><\/span> blockchain network atop which developers can spin up various decentralized finance (DeFi<\/a><\/span>) and non-fungible token (NFT<\/a><\/span>) projects.<\/p>\n

Solana\u2019s meteoric rise comes amid a broader crypto market surge, which saw the total market capitalization of all digital assets soaring 4.3%<\/a> over the day and adding $43.3 billion.<\/p>\n

Elsewhere in the markets, XRP<\/a><\/span> has posted a 8.4% increase in price on the day, currently trading at $0.51.<\/p>\n

The token was helped along likely due to the SEC dropping charges<\/a> against Ripple’s CEO Brad Garlinghouse and the firm’s executive chairman Chris Larsen. The two were, along with Ripple, for allegedly violating securities laws by selling the XRP token.<\/p>\n

Bitcoin<\/a><\/span> is also up nearly 5% on the day, bringing the asset to just under $30,000.<\/p>\n

The bullish move comes amid continued amendments to various Bitcoin ETF filings<\/a> and additional calls by industry<\/a> talking<\/a> heads that the market will soon see a filing approved.<\/p>\n

Ethereum<\/a> (ETH) didn’t miss out on the rally either, rising 4% overnight and changing hands at $1,615.<\/p>\n

<\/p>\n

Solana recovering from FTX collapse<\/h2>\n

Solana, currently the industry\u2019s 8th largest cryptocurrency with a market cap of almost $11 billion, was one of the hardest hit by last year\u2019s FTX collapse, with its SOL token falling by more than 41%<\/a> a week after the crypto exchange\u2019s bankruptcy.<\/p>\n

By the end of 2022, SOL had plummeted below $10\u2014the token\u2019s lowest point since February 2021\u2014and has been on the rise since then, albeit with inevitable drawdowns due to the overall mixed state of the crypto markets throughout this year.<\/p>\n

Examining DeFi activity, despite Solana\u2019s total value locked (TVL) reaching earlier this month a new high above $338 million<\/a>, it\u2019s still a far cry from the almost $10 billion seen in November 2022.<\/p>\n

Edited by Liam Kelly<\/a>.<\/p>\n

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Disclaimer<\/p>\n

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.<\/p>\n<\/div>\n

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<\/p>\n

Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Solana (SOL) has surged past $25 in the early hours on Friday, hitting a three-month high of $26.84 and returning to levels not seen since July. At press time, SOL is up 12% over the past 24 hours, and as much as 26% over the last week, according to data provided by CoinGecko. The move […]<\/p>\n","protected":false},"author":2,"featured_media":179136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-179135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=179135"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179135\/revisions"}],"predecessor-version":[{"id":179138,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179135\/revisions\/179138"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/179136"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=179135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=179135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=179135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}