Solana (SOL) Gains 34% in a Week as Crypto Market Dips

Why is Solana up by so much over the last week? It has almost doubled since the beginning of the month.

Thanks to new integration with Binance’s Web3 wallet, the coin is easier than ever to buy. The new digital wallet integration allows for seamless token management and a variety of decentralized apps that operate within the Solana network. That increases Solana’s functionality through Binance, connecting the two in a way that other cryptocurrency coins are not.

This could be what spurred the Solana price upward when the rest of the crypto market is trending down. Even Bitcoin has fallen from its all-time high of around $73,000 to $67,000. That has pulled much of the cryptocurrency market down, but Solana is managing to stay buoyant.

Right now, the coin is sitting at $198.62 (SOOL/USD) and is up 0.56% since yesterday and 75% for the last month.

Is Solana a Sound Investment?

What is keeping Solana up right now is partially its new integration with Binance, but that exchange platform is under fire at the moment. Binance’s CEO has pled guilty to money laundering charges, and the company has had to pay billions in fines. There is a US government lawsuit still in progress against Binance, and the Nigerian government is holding two of Binance management team over illegal trading concerns.

None of that should affect Solana much, since it is still available on other exchange platforms and Binance is not shutting down in most countries anytime soon.

Solana is poised to keep up its bullish streak, and much of the crypto market is likely to go into an upswing as soon as Bitcoin recovers. We expect that will be soon. Meanwhile, Solana is weathering this small storm well and proving to be one of the better crypto investments at the moment.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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