While the crypto market was tumbling, Solana led the comeback among other coins, and it is again showing signs of recovery following the weekend slump.
SOL, Solana’s native token, has soared in value in the last 24 hours, reaching a day high of $95.91 on Monday morning. SOL is still among the top gainers of the day, up 5.4 percent in the last 24 hours despite dipping to $94,35 at the time of writing. SOL is the ninth most valuable cryptocurrency, according to CoinGEcko, with a market cap of $30.14 billion. Cardano, which has a market worth of $30.95 billion, is Solana’s closest competition. The latest price movement could have been sparked by the Solana Foundation, which is supporting the network’s development by organizing a series of in-person events throughout the world to boost the developer ecosystem.
The international tour of events, dubbed “The Hacker House,” will take place in the following weeks in places such as Berlin, Prague, Moscow, and New York, as well as Brazil’s Florianopolis and Nassau, the Bahamas’ capital. Solana is an advanced blockchain architecture meant to handle rapidly scaled decentralized dapps. It’s been labeled the Ethereum killer. Despite difficulties such as network outages and community monetary conflicts, Solana is gaining popularity in the realm of NFTs and DEFI, with approximately $7.6 billion in total value in Solana-based projects.
Solana led the comeback among the ten major cryptocurrencies today, with Terra up 5.9% to $51.85 in the last 24 hours, while Ethereum is up 3.4 percent to $2725. BTC fell to an intraday low of $38,300, but is now trading near $39,046, up 2% in the last 24 hours. Cardano is up 2.6 percent to $0.972, while Binance Coin and Avalanche are up 1.4 and 1.6 percent, respectively.
Hackers recently stole $320 million from the Solana Bridge’s wormhole, which allows anyone to exchange digital assets across blockchains. Wormhole is a system that lets users transfer tokens and NFTs between Solana and Ethereum, and it has confirmed that it was the victim of a $120,000 wrapped Ethereum attack for $320 million, which is greater than the $250 million estimate.