Following a stellar run over the past week, Solana (SOL), a functional open-source project that relies on the permissionless feature of blockchain technology, has risen to become the sixth-largest cryptocurrency by market value. The Coin overleaped Ripple (XRP) and Cardano (ADA) on Thursday despite the market fluctuation.
SOL has jumped almost 32% over the last week and was last traded at $134, the highest level since November. Even though the broader crypto market is down by 0.07%, SOL increased by 0.98%. The Coin started pumping around mid-march, recovering from the seven-month low hit it has been on.
A famous analyst from Twitter has stated that SOL is on a bullish run and is set to recover from losses it suffered in recent months. The prediction has been proven right, as SOL has pumped nearly 40% from the lows we saw earlier in March.
These boosts have come after some good news that circulated in March. Digital assets managers, CoinShares with FTX, the third-largest crypto exchange, launched an exchange-traded product that offers staking rewards for SOL without buying the Coin. This product is targeted toward institutional investors and is anticipated to bring more capital to SOL.
Also, the developers of the popular videogame PUBG entered a partnership with Solana labs in March to develop some blockchain games which will draw attention to the Coin. All these, coupled with other news, propelled SOL to its recent gains, making it the sixth-largest cryptocurrency and the second-largest ecosystem in the Pos blockchain after Ethereum.