Solana Surges To 22-Month High As Bitcoin Rallies
Solana (SOL) reached a 22-month high of $136 this week, after Bitcoin’s rally to $64,000 boosted the broader cryptocurrency market. Solana's 11% jump over the past 24 hours pushes its price to its highest level since April 2022, marking a 33% increase in just the past week.
While Bitcoin remains the dominant crypto, it's down slightly over the past day. However, it is up 19% in the last week. Ethereum is trading around $3,450, after gaining 16% for the week.
Amongst the top 10 cryptocurrencies by market capitalization, Dogecoin takes the crown, surging 53% to nearly $0.13 this week. This meme coin trend extends to the Solana ecosystem, with Solana-based meme coin Bonk (BONK) more than doubling in price over the past week, reaching $0.000025. Dogwifhat (WIF), another dog-themed memecoin, also saw significant gains, jumping 198% this week to $0.9.
While Bitcoin's developments appear to be influencing the market, Solana itself has seen significant growth and renewed optimism in recent months. After dropping to nearly $8 in December 2022 due to the FTX collapse, Solana has rebounded dramatically, rising over 500% in the past year alone.
