Solana Gains 5% in Fresh Crypto Rally, Altcoin ETF Momentum
Solana (SOLUSD) is up by about 5% on Monday as cryptocurrency investors’ sentiment improved amidst the expected Fed rate cut.
The market anticipates a 25 basis point Fed rate cut later on Monday as the US Federal Open Market Committee meets to decide on the rate.
Driving its latest rally, Western Union has selected Solana for its USD stablecoin, leveraging Solana’s efficient, high-volume transaction handling to optimise remittances, particularly in regions affected by inflation.
Solana price climbed by 5.12% in the past 24 hours, outperforming Bitcoin (+2.5%) and Ethereum (+3%) as altcoin ETF inflows and Fed rate cut bets boosted risk appetite.
The token is surged to $138.60 while its lending sector faces scrutiny as a dispute over Jupiter Lend’s risk claims highlights transparency issues.
Trading data revealed that SOLUSD spot Exchange traded funds (ETFs) recorded a whopping $20.3 million inflows on Dec 7 while BTC/ETH ETFs bled $153 million combined. This mirrors XRP ETF inflows of $230 million, signalling institutional diversification beyond top cryptocurrency. .
The significant price surge has successfully lifted Solana’s market capitalisation to $77.77 billion at the press time, up by 5% on the day and about 9% weekly gain.
This is supported by increase in trading volume. Data from CoinmarketCap.com revealed, that Sol trading volume has increased over the day by about 138% to $4.76 billion on Monday session.
This trading volume on record is 6x its 30-day average, which suggest leveraged speculation ahead of the FOMC could amplify volatility.
Crypto analysts maintained that SOLUSD rally combines altcoin ETF momentum, macro liquidity hopes, and technical buying – but remains fragile given -14.5% monthly losses
Solana-based tokens were involved in a significant hack on Upbit, triggering enhanced regulatory scrutiny in South Korea. The incident has brought attention to security measures and compliance in the crypto space. GTCO Rises Amidst Update on Total Voting Rights
