Solana (SOL) has been one of the best-performing projects in the last 24 hours. The asset has rallied by 17.5% on the daily charts and 12.7% on the weekly charts. SOL had taken a beating earlier this month when the SEC named it in its suit against Coinbase. The SEC called Solana (SOL), along with Cardano (ADA), Polygon (MATIC), and others, “unregistered securities.” The regulatory crackdown in the U.S. has given rise to concerns regarding some of the top crypto projects, and SOL is one of them. However, the asset seems to be turning things around.
Solana’s (SOL) recent rally also comes amid the token being unlisted from Revolut. European exchange and payments company has also delisted Cardano (ADA) and Polygon (MATIC), basically the tokens named by the SEC in its lawsuit.
Also Read: SEC Sues Coinbase, Citing U.S. Securities Law Violations
SOL’s rally also comes amid its NFT support provider announcing that it would be winding down operations. The platform cites difficult macroeconomic conditions for its decision. The move is a major developmental hit for SOL.
However, this begs the question…
Why is Solana rallying?
The current crypto market upswing is led by Bitcoin (BTC). Blackrock’s Spot Bitcoin ETF application has bought renewed positive investor sentiment in the markets. Other projects seem to be simply following BTC’s movement.
Also Read: BlackRock Files Spot Bitcoin ETF
Popular crypto exchange OKX recently added Solana (SOL) to its “Dual Investment Structured Product.” With this addition, users have new ways to interact with the OKX ecosystem. Dual Investment is a product that allows users to increase profits by choosing a major crypto pair. Users can buy or sell an options contract and get paid in either cryptocurrency by subscribing to a Dual Investment product. The OKX development might have played a hand in SOL’s positive sentiment, as other developments have been against the project.
At press time, Solana (SOL) was trading at $18.82, up by 1.9% in the last hour.