The upcoming Helium migration and significant NFT sales volume appear to fuel a double-digit recovery for Solana.
The Solana bulls return to action.
SOL, the native token powering the Solana layer 1 blockchain, has gained more than 11% overnight and is the fastest rising among the top 50 cryptocurrencies by market capitalization, according to data from Coingecko.
At press time, SOL was trading around $26.09, down from its fresh 90-day high of $26.96 hit today.
On a weekly note, the so-called Ethereum killer has gained a whopping 21% and is now the 12th largest cryptocurrency by market cap.
Last week’s price action pushed Solana’s market capitalization above the $10 billion mark for the first time since its fall during the FTX crash in November 2022.
In the last 24 hours, nearly $5.86 million worth of Solana futures positions were liquidated, according to data from Coinglass.
Of the total liquidations, 70.26% of the positions, for a total of 4.12 million dollars, were short operations.
Despite Solana’s exploits last week, SOL is still down 89.81% from its all-time high of $259.96 in November 2021.
