Solana ($SOL) Hits New All-Time High As ADA Clings to $2

Last week was favourable for the crypto market as almost every coin experienced a price increase at one time or the other. It is no doubt one of the best times to be bullish as more than $1 billion short positions were liquidated over the last seven days.

The entire crypto market started the past seven days at $1.75 trillion. As of the time of writing, the industry is currently worth more than $2 trillion. The crypto street was filled with greens as most coins went bullish halfway through the day. One such coin is Solana.

SOL/USD

The SOL/USD pair went on a bullish streak over the last 24 hours. The pair gained more than 35% during this time ensuring the coin hits a new all-time high of $64.4.

A rare 522% increase in trading volume contributed to the new ATH as Solana piqued the interest of more investors. The new all-time high came a few hours to the time of writing but has seen a buildup to this moment over the last seven days.

Last week, SOL gained 42% as it was mostly bullish all through the week. The now eleventh coin by market cap saw its market cap 37% as of the time of writing ensuring it moved up one spot on the market cap ranking: flipping Bitcoin cash.

One responsible factor the recent surge in solana price is the launch of Degenerate Ape Academy—a non-fungible token (NFT) project built on the Solana blockchain on Sunday.

ADA/ USD

Cardano also put up a hard struggle against the bears to cling to the $2 and gradually progress while staying off bearish sentiment.

Last week was one of the most bullish weeks for the fourth coin by market cap. Of all the bullish days Friday was the most thrilling as ADA gained the highest since the week’s beginning. In the coming days, more short positions will liquidate as cardano is aiming for $3.