Solana Rallies by 10% As it Crosses $200 for the First Time Since December 2021

TL;DR

• SOL is the second-best performer amongst the top 10 cryptocurrencies by market cap in the last 24 hours.

• The coin is trading above $200 for the first time since December 2021.

SOL Trades Above $200 After 45% Rally in a Week

SOL, the native coin of the Solana ecosystem, is the second-best performer amongst the top 10 cryptocurrencies by market cap in the last 24 hours. The coin is up by 10% during that period, only behind Avalanche’s AVAX (up by 14%).

Thanks to the recent rally, SOL is now trading above the $200 mark for the first time since December 2021. At press time, SOL’s price stands at $204, up by 45% in the last seven days.

The cryptocurrency market has rallied hard over the last few months. However, some of the top cryptocurrencies have experienced a pullback over the last few days. Bitcoin has dropped back from $73,000 to $69,000 and ether has fallen back below the $4,000 mark. However, SOL continues to surge higher.

Thanks to its ongoing rally, SOL is now 22% down from the all-time high of $260 it set in November 2021. 

AVAX, the native coin of the Avalanche blockchain, is the best performer amongst the top 10 cryptocurrencies by market cap. It is up by 16% in the last 24 hours, surpassing Dogecoin to become the 9th-largest cryptocurrency by market cap. At press time, AVAX is trading at $61 per coin. 

With Bitcoin currently underperforming, the total cryptocurrency market cap has dropped to the $2.6 trillion region.