Solana (SOL) has shown significant growth, up 7.53% over the past day, reaching a price of $156.71 and surpassing Ethereum and Bitcoin.
Solana Outperforms Other L1 Cryptos
According to a post by Lennaert Snyder, Solana has demonstrated significant results, surpassing Ethereum, Bitcoin, and other tokens in daily performance. Ethereum rose by 4.11% to a price of $2,625.63 while Bitcoin increased by 1.79% to settle at $107,085.02.
Technical Analysis of Solana
Solana has re-entered a crucial price range between $135.00 and $183.00. Analysis indicates that Solana's price has bounced off $147.00 and reclaimed $157.90, indicating renewed bullish momentum. If Solana breaks the $183.00 level, target values may reach $210.00 and $262.12.
Institutional Investments in Solana
Hong Kong-based MemeStrategy acquired 2,440 SOL for HKD 2.9 million, becoming the first institutional investor in Solana among companies listed in Hong Kong.
With its recent growth and increasing institutional investment, Solana confirms its leading position in the Layer 1 cryptocurrency market.
