- Solana’s price jumped nearly 5% on a quiet Monday morning, making it the biggest gainer among the top 10 cryptocurrencies as Bitcoin and Ethereum ticked down.
- Solana’s recent revival coincides with a surge in new tokens being deployed on its network, with a record 14,648 new tokens deployed on Saturday via the SPL standard.
- Bitcoin began Monday trading above $65,000 for the first time in over a week, but has since retraced slightly, while the global cryptocurrency market capitalization sits at $2.5 trillion after gaining 1.3% in the past day.
Solana has seen significant gains over the past day, outperforming top cryptocurrencies like Bitcoin and Ethereum. The price increase comes amid a surge in new token deployments on the Solana blockchain.
Solana Price Action
Solana is currently trading at $154, pushing its week-long gain to over 12%, according to data from CoinGecko. Solana has swung between a high of $184 and a low of nearly $120 over the past month, but has been ticking back up this past week.
Solana’s gains of nearly 5% over the past day outpace those of Bitcoin and Ethereum. Bitcoin is down over 1% to $63,650, while Ethereum is down over 2% to $3,092. Over the past week, Bitcoin is up 13% while Ethereum remains down 26%.
Wider Market Context
Looking at the top 100 cryptocurrencies by market cap, Jupiter (JUP) and Dogwifhat (WIF) are two of the biggest gainers on Solana today. JUP is up 6% to $114, while WIF is up nearly 5% to $343.
Meanwhile, Bitcoin saw modest gains as its network processed its 1 billionth transaction. The global crypto market cap stands at $2.5 trillion after a 1.3% gain over the past day.
New Token Activity on Solana
Solana’s revival comes amid a spike in new token deployments on the network. On Saturday, 14,648 new tokens were deployed on Solana via its SPL standard, setting a new all-time high. Every day over the past two weeks has seen at least 10,000 new token deployments.
Conclusion
Solana’s significant price gains have allowed it to outperform top cryptos Bitcoin and Ethereum over the past day and week. This comes as the network sees surging activity in the form of new token deployments. Solana appears to be building positive momentum after a turbulent month of price swings.
