Following a fantastic run over the past week, Solana (SOL), the native token on the popular proof-of-stake (PoS) blockchain, has risen to become the sixth-largest cryptocurrency by market value. On Thursday, the coin rose two spots in the rankings, passing Ripple (XRP) and Cardano (ADA) and avoiding broader crypto market downturn.
SOL has gained about 17% in the previous seven days and is currently trading above $120, its highest level since late November. In the last 24 hours, the token has gained 0.4 percent, while the broader crypto market has lost about 5%.
The token rose substantially in the second half of March, rebounding from a seven-month low in the middle of the month.
It had surpassed Terra (LUNA) to reach the eighth slot in the top ten cryptocurrencies earlier this week.
As the recovery in mid-March continues, SOL sees optimistic clues.
SOL has displayed a bullish morningstar pattern for March, indicating that it was ready to recover further after losses earlier in the month, according to popular twitter analyst @SmartContracter. From its March lows of approximately $81, the token has gained nearly 33%.
SOL’s Bitcoin (BTC) pair also displayed a “clear” ABC pattern. Thereby, indicating that the token was primed for more rises, according to @SmartContracter.
Throughout March, SOL received a deluge of excellent news. Last week, CoinShares, the world’s third largest cryptocurrency exchange, and FTX. Of course, jointly announced an exchange-traded product that allows users to earn SOL staking rewards. That’s, without having to buy the token directly. The program is aimed primarily at institutional investors and is projected to bring a significant amount of money to SOL.
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