• After several bad days, Solana (SOL) surged with massive gains.
• The rally was likely due to the excitement over the new memecoin, Bonk Inu (BONK).
• Solana is pulling through tough times, having pushed the coin up to $13.50 and a 40+% weekly surge.
The cryptocurrency market has been experiencing a tough winter season, with the DeFi ecosystem taking a hit. Solana (SOL) has been no exception, but it appears that the asset is starting to regain some of its losses. Despite seeing its value dip in December, Solana has surged in the new year with massive gains.
So what could have caused this rally? It may be due to the excitement over the new memecoin, Bonk Inu (BONK), which has coincided with the cryptocurrency’s rally. BONK recently finished its funding round, with over $700 million in total sales. This could have had a positive effect on the market, as investors become more interested in the project.
In addition, the crypto winter may have been the perfect time for Solana to make a comeback. With the market taking a hit, investors may have seen it as an opportunity to buy up some SOL at a lower price. This could have led to the current surge, as investors are expecting to see the asset’s value rise in the coming months.
The network has also been gaining more users, which could have been a contributing factor to its rally. By attracting more users, the asset could have been able to gain a larger market share, and this could have increased its value.
Solana’s gains have pushed the coin up to $13.50, meaning a 40+% weekly surge. This is a significant increase from where it was trading at the end of December, when it was below double digits. It’s possible that the asset could continue to rise in value as the year progresses, with some predicting that it could reach even higher levels.
Overall, Solana appears to have weathered the crypto winter and is now looking to build on its recent gains. The new memecoin, increased userbase and potential for further growth could all be pushing the asset to new heights. If the asset can continue to make strides in 2021, then it could be an exciting year for the cryptocurrency.