Solana (SOL) up 10% Amid Bearish Altcoin Turn, Here's Possible Reason

Solana (SOL) is surprisingly leading the top 20 altcoins' momentum today, with its price soaring by 4.69% over the past 24 hours to $23.47 and by 10.69% in the trailing seven-day period. Drawing on the current outlook of the digital currency ecosystem where prices are slipping, the growth of Solana has proven to be worth analyzing.

Timeline of Solana

Solana [SOL] has been on a roll lately, leaving investors in anticipation of how far its crypto can rise. But is this just a fleeting moment of glory, or is there more to Solana's surge than meets the eye?

Solana [SOL] has been surprising investors with its massive gains over the last few hours. Solana's price increased by more than 10% in the last 24 hours, making it the highest gainer among the top 10 cryptos in terms of market capitalization.

SOL, the native token of Solana, has seen double digit gains in the past 24 hours as bulls turn up ahead of the highly anticipated Solana Mobile Saga launch. On Tuesday, as Bitcoin price broke above $30,000 for the first time in 10 months, Solana matched the upside pressure with an upswing of its own.

 The leading cryptocurrency Bitcoin has recently reached a 10-month high of $30,000, triggering a positive shift in market sentiment toward recovery. As a result, the Solana price surged 12% today and breached an 11-month-long resistance trendline.

A prominent analytics firm says one of Ethereum's (ETH) biggest rivals is way ahead of the blockchain pack in one key on-chain metric. Messari says that smart contract platform Solana (SOL) remains the top protocol among emerging ecosystems in terms of daily transaction count.

The bulls have painted the market green, with most cryptocurrencies scoring impressive price gains in the last 24 hours. The ongoing market-wide rally has empowered most coins to recover their lost price gains, with Bitcoin adding over 6.57% in seven days.

The Solana price analysis shows a strong surge in today's trading session, coming out of a bullish trend. The chart reveals that the price has risen by 11 percent to $22.42 from its opening price of $20.12.

Solana's SOL on-chain staking is now supported by Singapore-based cryptocurrency exchange Crypto.com. On-chain staking utilizes the blockchain's proof-of-stake platform to generate rewards through a process referred to as "staking.

Solana price analysis for April 10, 2023, reveals the market following a partial bullish movement; moreover, Solana has obtained massive negative momentum, signifying a decline for the SOL market. The price of Solana has remained negative over the past few hours.

The price of Solana (SOL) has continued to enjoy a steady recovery after going down nearly 95% in 2022, partly due to its association with Sam Bankman-Fried and his collapsed ventures, FTX and Alameda Research. Solana's Price Surges 100% In Q1 2023  In the first quarter of 2023, Solana's price experienced a significant surge of 104%, reaching approximately $20.60 per SOL.