Since last week, Solana has risen to become the sixth-largest cryptocurrency by market value on the Proof-of-Stake (PoS) blockchain.
Despite a broader weakness in the crypto market, the coin climbed two spots on Thursday, passing Ripple (XRP) and Cardano (ADA).
SOL’s price rose more than 17 percent in the previous week, and the token is now trading over $120, its highest level since late November. In the last 24 hours, the token gained 0.4 percent, while the broader crypto market declined around 5%.
In March’s second half, the token climbed from a seven-month low. It passed Terra (LUNA) earlier this week to move into the top ten cryptocurrencies.
Twitter analyst @SmartContracter reported that SOLO displayed a bullish morningstar pattern for March, suggesting that it was set for a recovery after its losses earlier in the month. The token has gained nearly 33% since its March lows around $81. As @SmartContracter noted, SOL’s Bitcoin (BTC) pair also exhibited an “abc” pattern, indicating that the token was primed for further gains.
FTX and CoinShares, the world’s third-largest cryptocurrency exchange, last week launched a jointly developed exchange-traded product to allow users to earn stake rewards without having to buy SOL directly. SOL expects a significant amount of capital to be raised through the program, which is primarily aimed at institutional investors.
In the smart contracts fund recently formed by Grayscale, the token makes up nearly a quarter of the assets. Investment houses have been credited with fueling a major crypto rally that happened in 2021 and is often regarded as a bullish indicator.
In a recent partnership with Solana Labs, Krafton, the developer of PUBG, developed blockchain games, drawing further attention to the token. Ethereum’s move to a PoS strategy has sparked interest in other projects in the space. SOL has now moved into the second slot after recent gains.