The price of Solana (SOL) in the last 24 hours has grown by more than 32%, going from about 46$ to more than 61$.
Indeed, it has also touched its all-time high during today’s day, at over $63.
The previous high was touched on May 19, at $56, just before the bitcoin flash crash that took the entire cryptocurrency market with it.
Since then, the price of BTC, for example, has not yet managed to recover the highs touched in April, and not even ETH has managed to recover the record levels of May.
On the other hand, SOL had already managed to do so, particularly since July 20, when the price had even dropped below $23. In other words, in less than a month almost tripled. Thanks to these increases, Solana is now in the top 10 of cryptocurrencies with the highest market capitalization in the world.
However, until yesterday, it had simply recovered a bit of the loss accumulated after May 19, arriving at around $46, which is still below the highs of May. Today instead, it seems to have taken off.
To tell the truth, today also other cryptocurrencies are showing double-digit increases in value, in percentage, with at least one similar case in the top 50: Terra (LUNA). In the top 100, however, there are even those who did better, with Arweave (AR) recording +41% today.
Why the price of Solana is rising
It is suspected that today’s surge in Solana may have something to do with a significant burst of buying on Degen Ape that occurred yesterday. That may have been the trigger that started today’s run, and in some ways, it came unexpectedly.
In fact, until only the day before yesterday, analysts were arguing that exceeding $40 made the SOL price a retracement risk, as it had already almost doubled in less than a month. Moreover, 46$ seemed a difficult resistance to break, and instead, the price took off when it was broken.
It should be noted that since yesterday the Relative Strength Index of SOL has jumped over 70 points, with a peak this morning even over 92 on the hourly timeframe. On the daily timeframe yesterday, it was 79, and today it is at 84 for now.
Degenerate Ape Academy yesterday sold out all NFTs offered for sale in only eight minutes, perhaps starting a sort of new “fashion” in this specific sector. Since you need to use SOL to participate in this initiative, it triggered a boom in purchases. At this point, it is fair to wonder how long this boom could continue.
Degen Ape has also contributed to the increase in trading volumes on Solanart, Solana’s platform for art-themed NFTs.