With the overall digital asset market surging today, one asset in particular has stuck out. Indeed, Solana (SOL) has gained another 13% today according to CoinMarketCap, as it continues what has been a massive break out. Specifically, the asset has broken from a multi-month consolidation, showcasing back-to-back positive performances.
Market analyst Steve Strazza recently stated that SOL is executing the breakout “in a big way.” He noted that the performances are a “bullish development” for the 4th largest digital asset while describing it as a “theme of breadth expansion.” The performance has coincided with a plethora of gains for tokens throughout the industry today.
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SOL Breaks Out With Two of its Best Outings of 2024 in Consecutive Days
The digital asset market has spent the last week enjoying abundantly positive momentum. Moreover, Bitcoin (BTC) has been leading the pack, surpassing $61,000 yesterday, and reaching its highest level since November 2021. Ethereum (ETH) has followed, with the asset eyeing the $4,000 level based on its performance.
Yet, one asset has seen tremendous gains for the industry over this important week. Specifically, Solana (SOL) is up another 13% today as it continues to embrace what has been a massive breakout. Subsequently, Steven Strazza identified the multi-month consolidation that broke through this week.
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That culminated in Solana having its best performances of 2024 in back-to-back days. Ultimately, it showcases the greater breadth of Solana on the overall digital asset market as the fourth largest by market cap. Moreover, its overall increase has been in large part thanks to its trading volume figures.
According to Coinglass, Solana futures have seen their trading volume increase by more than 58%. Specifically, that ascension culminated in reaching an astronomical $15.45 billion. Alternatively, the movement has seen a remarkable $1.50 million worth of Solana long positions being liquidated. Comparatively, $432,980K in short positions have been liquidated.
SOL has surpassed the $127 mark in the last 24 hours. Moreover, there is a lot of excitement about whether or not the token can continue to climb. With the upcoming Bitcoin halving event slated for April, the market may see a similar surge in the upcoming month.
