Polygon, ApeCoin, and Sandbox make double-digit gains
Solana is the star of the crypto market this week, making a powerful 60% rebound after it was almost left for dead following the collapse of a large crypto exchange.
The bouncing altcoin beat the performance of Bitcoin, which reclaimed $17K over the weekend after US jobs data showed that the Federal Reserve is making progress in its fight against inflation. Most other cryptoassets followed in the same direction, moving on upwards despite further announcements of financial difficulties from major crypto banks and trading desks.
Aside from the dazzling performance of Solana, other popular altcoins have also made double-digit percentage gains. That includes smart contract platforms Cardano, Ethereum Classic, and Tezos, plus the tokens of Metaverse platforms The Sandbox and Decentraland.
This Week’s Highlights
– Solana soars 60% in powerful rebound
– Resilient prices raise hopes of market bottom
Solana soars 60% in powerful rebound
Only a week ago, critics were calling for the death of Solana as it was caught in controversy around a recently collapsed exchange.
In the last few days, however, the cryptoasset has made an astonishing recovery; rising out of the abyss to add 60% on an elixir of positive headlines.
These include reports of a new meme coin set to be airdropped to SOL holders, and revelations about the growing number of users on the network, as reflected in on-chain transaction data.
Resilient prices raise hopes of market bottom
The recent exchange collapse has hit the crypto industry in two ways: creating a ripple effect with two more crypto companies announcing layoffs last week, and also sharpening the focus of regulators.
Yet despite the persistently uncertain headlines, crypto prices remain resilient.
According to popular commentators including Tyler Reynolds and Alex Krüger, this could mean that the market has already hit the bottom, and that prices are unlikely to be significantly impacted by any future negative headlines
Week ahead
In the coming week, investors will be watching closely to see if Bitcoin can sustain its rally above $17K.
This could be influenced by a raft of incoming corporate earnings, which are likely to determine broader macroeconomic sentiment.
In addition, Thursday will bring another US inflation report. Cooler-than-expected data could help support the crypto rally, as it would indicate that the Fed no longer needs to aggressively raise rates.