Why Is Solana ($SOL) Going Up While Other Major Cryptos Slump?

Why Is Solana ($SOL) Going Up While Other Major Cryptos Slump?

Solana SOL/USD continued to move ever higher even as major cryptocurrencies slipped into the red on Thursday night.

What’s Moving? SOL rose 8.33% to $201.11 over 24 hours. Over a seven-day trailing period, SOL has shot up 35.19%.

Against major cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD, SOL rose 12.85% and 11.42%.

Solana has racked up impressive year-to-date gains of 10891.33%.

At press time, SOL traded 5.87% below the all-time high of $214.96 it touched last month.

See Also: How To Buy Solana (SOL)

Why Is It Moving? SOL’s rise comes even as major coins plunged on Thursday as the global cryptocurrency market cap fell 2.07% to $2.58 trillion.

Solana attracted high interest from retail investors at press time and was seen trending on CoinMarketCap, CoinGecko, Stocktwits, and Twitter.

On Twitter, it was the third most trending cryptocurrency and was mentioned in 4,805 tweets, as per Cointrendz data.

The top two trending cryptocurrencies, Bitcoin and Ethereum, were mentioned in 10,771 and 5,935 tweets respectively. 

Solana benefitted from the Smart Contract Layer 1 (L1) rally that continues to “run hot” in October, as per Delphi Digital, an independent research boutique.

“Most L1 tokens (especially SOL) experienced a strong catch-up move [on Thursday],” Delphi Digital wrote in an emailed note. 

Among Solana coin news, the project announced the beta launch of “Squads” a decentralized autonomous organization (DAO) generator. Two versions of Squads will be coming to the mainnet and devnet on Nov. 9, as per a project blog.

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