Rising activity on the Solana network, massive influx into digital asset funds and a recent tech upgrade also likely contributed to the rally.is higher by another 11% on Friday, continuing to outperform the rest of the crypto market and defying worries of a potential fire sale by bankrupt crypto exchange FTX.
With today’s advance, the cryptocurrency is now higher by more than 26% this week, CoinDesk data shows. Crypto leaders bitcoin"This is some of the strongest buying activity we’ve seen since July," David Shuttleworth, research partner at Anagram and former managing director at Binance Labs, told CoinDesk.Friday's gain adds to SOL's remarkable comeback as one of the best-performing digital assets this year with a 170% year-to-date rise.
The Solana blockchain enjoyed increasing network activity over the past weeks, digital asset manager 21Shares researchers noted Thursday, in a report citing blockchain data by The Block."Solana's recent surge in inflows, coupled with a consistent rise in daily active users for four consecutive weeks, underscores the enthusiasm for this overlooked upgrade," 21Shares analysts said.
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