Solana’s price reached an intraday high of $41.00 on Friday after the crypto market posted some gains after a difficult start to the week.
The digital asset, which is ranked 9th among the largest cryptocurrencies with a market cap of $13.6 billion, surged from lows of $36.65 to hit $41.04 according to data from CoinGecko..
SOL/USD has seen a bullish trend over the last week. It traded at around $27.64 as of 19 June.
Saga phone news reports Solana price rises
Solana Labs will be hosting the Solana ecosystem development conference on Thursday 23 June. releasedA major announcement that coincided with the increase in SOL prices.
Saga, a flagship smartphone that is crypto-focused, was the latest news. It was launched to drive Web3 adoption and NFT use.
The news was a boost not just to Solana, but the wider crypto ecosystem, Alex Belets, the CEO of UniLayer Network, a L1 blockchain and interoperability platform, told CoinJournal.
Solana is attracted to investors
Belets believes that Solana may be enjoying a positive story as the market conditions are not ideal.
“It’s difficult to be bullish about any token in the current market, but Solana does continue to attract investor attention,” he added.
This is positive news for an industry that has been subject to so many negative headlines. However, Solana still has a big challenge that it must address – how to handle massive traffic that often ends with the network outages.
So while investors continue to bet big on the platform, Belets says one interesting thing to watch out for is “how developers tackle this critical issue in the face of a smartphone launch“
SOL/USD is up nearly 10% at $40.12 (as I write), but the upside has Solana trading over 32% higher than its weekly low.
SOL trading volumes have increased significantly, with 24-hour trading volumes up by more that 13.6%. In the same period, the market cap has grown by more than 8%.