As the cryptocurrency market trades sideways, Solana (SOL) has stood out as a top-performing token. Within the last 24 hours, SOL has experienced significant buying pressure, resulting in a market capitalization of $8.96 billion and an inflow of $1.02 billion.
The asset’s price has comfortably held above the $20 support level, currently valued at $22.17 with daily gains of nearly 12%.
While the exact catalyst for this surge is unclear, partnerships and growing social media buzz surrounding Solana may be contributing factors.
Solana’s recent price gains coincide with notable network partnerships. One such collaboration is between Coca-Cola in Serbia and Solana NFT platform SolSea, where a limited edition NFT offering will accompany select participants receiving hoodies during a music event.
This partnership showcases the adoption and use of Solana’s NFT platform, attracting attention and potentially driving demand for SOL.
Bullish sentiment surrounding Solana has surged on social media platforms, particularly on Reddit. Mentions of Solana on Reddit have seen a notable spike, suggesting that Reddit traders may have played a significant role in driving the recent price action of SOL.
As Reddit traders can influence market movements, their growing interest in Solana could further contribute to its upward momentum.
Solana faced delisting from several US exchanges in June due to an SEC lawsuit alleging that SOL is an unregistered security.
However, the Solana Foundation has shown its commitment to challenging this allegation. Despite the regulatory challenges, Solana’s remarkable recovery from past hurdles, such as the FTX bankruptcy, indicates a promising path for investors.
The platform’s technology, facilitating rapid and reliable decentralized applications and cryptocurrency services, continues to attract attention and may lead to further potential gains.
