Solana Soars 20% in 24 Hours on Bullish Market Indicators

• Solana’s price increased by more than 20% in the last 24 hours despite Mainnet beta Explorer and Solana Foundation public RPC endpoints being offline due to a bug.
• Metrics and market indicators looked bullish, with SOL registering over 48% weekly gains, and a Binance funding rate that went up sharply.
• Positive sentiments around Solana spiked last week, with DEX volume increasing by 218%, and active wallets climbing threefold.

The cryptocurrency market has been abuzz lately as investors have been making the most of the bull run. One of the digital assets that have been making headlines is Solana [SOL]. In the last 24 hours, SOL’s price increased by more than 20%, with metrics and market indicators looking bullish.

At press time, Solana was trading at $16.34 with a market capitalization of more than $6 billion. This significant increase in price came on the back of positive developments around the digital asset. Solana Status recently revealed that Mainnet beta Explorer and Solana Foundation public RPC endpoints were currently offline as RPC node software was upgraded due to a bug found in the test release. However, the bug did not affect block production or the Solana network.

Solana registered over 48% weekly gains, reflecting a strong uptrend. Furthermore, its Binance funding rate went up sharply, which showed a strong demand for the digital asset in the derivatives market. In addition, Solana’s development activity also increased, which was a positive signal for the investors.

The positive sentiments around Solana spiked last week, which showed that the community has a lot of trust in the digital asset. Notably, Solana saw an increase in volume on DEXes over the past week, with a weekly change of 218%. Moreover, the digital asset’s active wallets also increased threefold recently.

In conclusion, Solana’s price has been on an uptrend, and it looks like it could soon breach the top 10 club in terms of market capitalization. The digital asset is backed by a strong development activity, rising demand in the derivatives market, and increasing volume on DEXes. All of this goes to show that Solana is in a strong position right now, and investors can expect more gains in the near future.