Solana Rides High with 23% Gains Amidst Crypto Market Rally

Given its current price action, Solana (SOL) is quickly becoming a significant altcoin phenomenon.

The digital currency is on a parabolic run, trading at $26.40 on spot exchanges with an overnight growth rate of 11.31 percent.

This current Solana price performance indicates a broader market push, but SOL has been one of the primary beneficiaries of an impressive recovery.

In the past week, Solana has effectively reduced its losses and increased its gains. At the time of writing, SOL is up more than 23% in the last seven days, capitalizing on its massive inflow marked by a 150% increase in trading volume, as more than $838 million has changed hands.

While Solana is one of the altcoins with the longest drawdown since the last crypto winter, its bulls are especially eager to profit from new market trends.

At this time, the dismissal of the lawsuit against Ripple Labs executives Chris Larsen and Brad Garlinghouse is the catalyst, a move widely regarded as a victory for the entire cryptocurrency ecosystem.

This news has prompted a rally not only in Solana but also in the vast majority of altcoins on the market, including XRP.

Solana has received acclaim on the market due to its innovative blockchain protocol. The coin will likely capitalize on its current momentum and forge a new path toward the $30 resistance level.

The ecosystem supports this ambitious plan, as Deribit plans to list the coin’s SOL options in the coming months.

Today, Solana is down 89% from its all-time high (ATH), a better figure than its competitors, due to its impressive recovery from the previous bear market.