Solana extends rally with another new high — Why is SOL price up by 70% in one week? By Cointelegraph

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Solana extends rally with another new high — Why is SOL price up by 70% in one week?

Solana (SOL) started Friday at a new record high as investors continued to bet positively on its success in the decentralized finance (DeFi) and nonfungible tokens (NFT) sector.

The exchange rate reached $146.28 for the first time in history, following a 35% month-to-date rally. The huge upside move lifted the pair’s returns for the year above 7,500%, taking Solana’s market capitalization over $41 billion to make it the seventh-most valuable project in the cryptocurrency space.

SOL/USD daily chart featuring RSI. Source: TradingView