Over the past week, Solana (SOL) has emerged as one of the top winners in the crypto market after seeing more green than red days in the past week. It still continues its streak into the new week after recording double-digit gains once again. This has now seen the asset move to the top of the most-viewed list on Coinmarketcap.
Solana’s Popularity Rises As Prices Balloon
On Monday, Solana officially became the most viewed digital currency on Coinmarketcap. This comes after SOL posted gains of more than 22% in 24 hours, pushing the price above $16 for the first time since November 2021 following the collapse of crypto exchange FTX.
After collapsing in two years, Solana started to see interest from investors again when BONK, a blockchain-based meme coin, went viral. The price of SOL grew rapidly as the popularity of the BONK meme coin increased, which may have been the first catalyst that pushed it to $10.
With SOL already riding the wave of BONK’s popularity, the recovery of the crypto market in the early hours of Monday was just an extra boost. Because of this, the coin has emerged as the best performer so far among the largest cryptocurrencies by market cap.
SOL price crosses $16 | Source: SOLUSD on TradingView.com
Furthermore, Solana has moved up several places and is now the 11th largest cryptocurrency. This means that in the last week, SOL has been able to surpass the likes of Shiba Inu, Polkadot, Litecoin, and DAI to achieve this feat.
Can SOL Retain Profits?
While Solana (SOL) initially started a recovery trend last week, it was unclear if the digital asset could hold on to its gains. However, it is now clear that this was not a fleeting rally as not only did SOL make a profit, but it has seen further progress since then.
Currently, SOL sees support above $16 which means it has secured this bull trend. Resistance has now been successfully pushed back to $17 but even then, the bears have a hard time putting up enough of the roadblock to matter.
If Solana will break this point, then the next target will be set at the $20 level, which will put SOL at the same price level compared to the broader crypto market. This means that the collapse of FTX has been priced in the price of digital assets and then it can start moving with the market as before the beginning of November 2021.
SOL is currently trading at $16.4 as of this writing. The price rose more than 22% in the last day with a trading volume of $1.55 billion.