The post Solana (SOL) Price Surges More Than 15% in 24 Hours- Here’s why appeared first on Coinpedia Fintech News

Solana (SOL) network gained over 15% in the past 24 hours, trading around $18.59. The network’s Web3 smartphone, Saga mobile, contributed to a 300% increase in daily traded volume, reaching $1 billion. Despite allegations of being an unregistered security asset by the SEC, Solana developers and the global community remain optimistic.

Find out why here.

Solana Price Analysis

While Solana’s price has been trapped in a macro falling trend since hitting ATH in late 2021, it is observable that the SOL price action has been approaching imminent reversals amid diminishing losses. Having consolidated slightly below the pre-FTX levels, Solana bulls seem rejuvenated for a further pump.

With the recent pump, it is more likely that Solana’s price will close in June retesting the macro falling trend. Meanwhile, crypto traders’ attention remains on the Bitcoin price, which looks ready to break out and eat away at altcoins’ market share.

Also Read: Solana & Litecoin Among the Top Gainers Today-What’s Triggering the SOL & LTC Prices High?

Why Is SOL’s Price Surging?

After more than a year of development, the Solana network welcomed deBridge Finance to enable developers to seamlessly communicate with other EVM-compatible chains. Moreover, the deBridge Solana SDK allows DeFi projects to easily connect their Solana protocols to the deBridge infrastructure and start sending cross-chain messages.