{"id":604860,"date":"2024-04-24T13:00:19","date_gmt":"2024-04-24T13:00:19","guid":{"rendered":"https:\/\/www.wncen.com\/?p=604860"},"modified":"2024-04-24T11:36:56","modified_gmt":"2024-04-24T11:36:56","slug":"solana-market-cap-skyrockets-11-billion-as-price-jumps-17-details","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/solana\/solana-market-cap-skyrockets-11-billion-as-price-jumps-17-details\/","title":{"rendered":"Solana Market Cap Skyrockets $11 Billion As Price Jumps 17% – Details"},"content":{"rendered":"

Solana, like many Proof-of-Stake (PoS) cryptocurrencies, relies on a decentralized network of validators who secure the network by staking their SOL coins. In exchange for staking, validators earn rewards.<\/p>\n

However, as Solana’s price began its recent ascent, a noticeable decline in staked SOL was observed. This suggests that some validators are choosing to unstake their coins, potentially to capitalize on the price surge and book some early profits.<\/p>\n

Solana Market Cap And Price Soar<\/strong><\/h2>\n

Meanwhile, on Tuesday, Solana enjoyed a stellar day, surging 17% and adding over $11 billion to its market capitalization, which now stands at over $70 billion. This impressive performance saw Solana outperform industry giants like Bitcoin (BTC) and Ethereum (ETH), which remained entangled in their own price gyrations. With its market capitalization now totaling an impressive $80.7 billion, Solana’s surge has caught the attention of the crypto world.<\/p>\n

Related Reading: Solana Meme Coin Massacre: 12 Projects Gone In 30 Days, $27 Million Vanished<\/a><\/div>\n

This unstaking activity has drawn the attention of analysts, with the unstaked amount reaching a significant 5 million SOL over the past week. With Solana currently trading around $157<\/a> per coin, this translates to roughly $780 million worth of tokens re-entering the market. The influx of such a large volume in a short period could lead to a temporary oversupply situation on exchanges.<\/p>\n

\"\"SOL price action in the last 24 hours. Source: Coingecko<\/a><\/pre>\n
Pullback Or Power Through?<\/strong><\/h2>\n
The potential impact of unstaked SOL on the price is a matter of debate. Without a corresponding surge in demand to absorb this additional supply, there’s a risk of an initial price correction in the coming days. This could see Solana retreat from its current perch and settle around the $150 mark before potentially resuming its upward trajectory towards $200.<\/p>\n
<\/p>\n
Total crypto market cap currently at $2.3 trillion. Chart: TradingView<\/a><\/pre>\n
The $200 Target<\/b><\/h3>\n
The coming days will be crucial for Solana. The bulls need to maintain strong buying pressure to absorb the unstaked coins and push the price above the $160 resistance zone. If successful, this could propel Solana towards its $200 target. However, a failure to do so, coupled with a large-scale sell-off from unstaked SOL, could trigger a correction down to $150.<\/p>\n
Related Reading: Bullish On Polkadot: Analyst Sees DOT Hitting $15 Soon<\/a><\/div>\n
Solana Breakpoint 2024<\/strong><\/h3>\n
In another development, Solana Breakpoint 2024<\/a> is set to take place in Singapore, from September 20 to September 21. This event will provide attendees with full access to the heart of the Solana community, including insightful talks and exclusive events.<\/p>\n
Special subsidized rates are available for developers, creators, artists, and students, ensuring that a diverse range of individuals can participate in this transformative event. The Solana Campus, located just a short 15-minute journey from downtown Amsterdam, offers a variety of stages for insightful talks, networking areas to build connections, and complimentary transportation for attendees’ convenience.<\/p>\n
Solana Breakpoint is an important event for the Solana community, providing a platform for developers, validators, and other ecosystem participants to discuss the latest developments, share insights, and showcase their achievements. The annual conference highlights the network’s potential and its role in the broader blockchain space, with a focus on performance, reliability, and innovation.<\/p>\n
Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Solana, like many Proof-of-Stake (PoS) cryptocurrencies, relies on a decentralized network of validators who secure the network by staking their SOL coins. In exchange for staking, validators earn rewards. However, as Solana’s price began its recent ascent, a noticeable decline in staked SOL was observed. This suggests that some validators are choosing to unstake their coins, potentially to capitalize on the price surge and book some early profits. Solana Market Cap And Price Soar Meanwhile, on Tuesday, Solana enjoyed a stellar day, surging 17% and adding over $11 billion to its market capitalization, which now stands at over $70 billion. This impressive performance saw Solana outperform industry giants like Bitcoin (BTC) and Ethereum (ETH), which remained entangled in their own price gyrations. With its market capitalization now totaling an impressive $80.7 billion, Solana’s surge has caught the attention of the crypto world. Related Reading: Solana Meme Coin Massacre: 12 Projects Gone In 30 Days, $27 Million Vanished This unstaking activity has drawn the attention of analysts, with the unstaked amount reaching a significant 5 million SOL over the past week. With Solana currently trading around $157 per coin, this translates to roughly $780 million worth of tokens re-entering the market. The influx of such a large volume in a short period could lead to a temporary oversupply situation on exchanges. SOL price action in the last 24 hours. Source: Coingecko Pullback Or Power Through? The potential impact of unstaked SOL on the price is a matter of debate. Without a corresponding surge in demand to absorb this additional supply, there’s a risk of an initial price correction in the coming days. This could see Solana retreat from its current perch and settle around the $150 mark before potentially resuming its upward trajectory towards $200. Total crypto market cap currently at $2.3 trillion. Chart: TradingView The $200 Target The coming days will be crucial for Solana. The bulls need to maintain strong buying pressure to absorb the unstaked coins and push the price above the $160 resistance zone. If successful, this could propel Solana towards its $200 target. However, a failure to do so, coupled with a large-scale sell-off from unstaked SOL, could trigger a correction down to $150. Related Reading: Bullish On Polkadot: Analyst Sees DOT Hitting $15 Soon Solana Breakpoint 2024 In another development, Solana Breakpoint 2024 is set to take place in Singapore, from September 20 to September 21. This event will provide attendees with full access to the heart of the Solana community, including insightful talks and exclusive events. Special subsidized rates are available for developers, creators, artists, and students, ensuring that a diverse range of individuals can participate in this transformative event. The Solana Campus, located just a short 15-minute journey from downtown Amsterdam, offers a variety of stages for insightful talks, networking areas to build connections, and complimentary transportation for attendees’ convenience. Solana Breakpoint is an important event for the Solana community, providing a platform for developers, validators, and other ecosystem participants to discuss the latest developments, share insights, and showcase their achievements. The annual conference highlights the network’s potential and its role in the broader blockchain space, with a focus on performance, reliability, and innovation. Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":604888,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[142,1020,6664,12837,83626],"class_list":["post-604860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-altcoins","tag-blockchain","tag-crypto","tag-sol","tag-solana"],"acf":[],"yoast_head":"\nSolana Market Cap Skyrockets $11 Billion As Price Jumps 17% - Details<\/title>\n<meta name=\"description\" content=\"Solana, like many Proof-of-Stake (PoS) cryptocurrencies, relies on a decentralized network of validators who secure the network by staking their SOL\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wncen.com\/news\/solana\/solana-market-cap-skyrockets-11-billion-as-price-jumps-17-details\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Solana Market Cap Skyrockets $11 Billion As Price Jumps 17% - 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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