Solana SOL/USD Defies Slump in Blue-Chip Cryptocurrencies to Emerge as Best-Performing Large-Cap Cryptocurrency in the Last 24 Hours

While not conclusive, the uptick could be attributed to the launch of Wrapped Bitcoin WBTC/USD on Solana, as confirmed by Wormhole in an X post.

Solana (CRYPTO: SOL) defied the slump in blue-chip currencies to emerge as the best-performing large-cap cryptocurrency in the last 24 hours.

SOL Price Action: At the time of writing, SOL was exchanging hands at $136.22, surging 8.08% in the last 24 hours, according to data from Benzinga Pro.

SOL’s trading volume surged 156% to $3.5 billion, catapulting it to become the third-most traded cryptocurrency (barring stablecoins) in the last 24 hours. The rally helped to offset losses encountered over the previous week.

Solana Surges As Wrapped Bitcoin Launches On Chain. What Traders Should Know

Solana's relative outperformance comes amid the launch of Wrapped Bitcoin (CRYPTO: WBTC) on Solana, which was confirmed by Wormhole in an X post.

Solana is now connected to Bitcoin, via WBTC on mainnet. Get ready for some mind blowing use cases to be built by the community. Also, don't forget to hydrate and get some sleep from time to time. Stay safe out there! https://t.co/0303030303

Solana is now connected to Bitcoin, via WBTC on mainnet. Get ready for some mind blowing use cases to be built by the community. Also, don't forget to hydrate and get some sleep from time to time. Stay safe out there! pic.twitter.com/0303030303

For the curious, Wormhole is a communication bridge between Solana and other blockchain networks, facilitating the transfer of tokens and NFTs. WBTC is a tokenized version of Bitcoin, aimed at bringing the coin into decentralized finance through an ERC-20 token.

Solana's integration with Bitcoin is expected to open up new possibilities for cross-chain DeFi applications and derivatives. Notably, Solana is already home to several decentralized derivatives exchanges, including Mango Markets and Drift Protocol.

The launch of WBTC on Solana could pave the way for the creation of new and innovative DeFi products, catering to the growing demand for cross-chain derivatives and synthetic assets.

Solana's Chainlink Integration Could Boost Data Economy. Here's What To Know

Solana is also gearing up for the launch of the Chainlink (CRYPTO: LINK) network on its mainnet. This integration is set to enhance Solana's data economy and facilitate the creation of more secure and reliable smart contracts.

Solana's upcoming Chainlink integration and the launch of WBTC on the network are among the key developments that traders should keep an eye on. These integrations could boost Solana's capabilities and attract new users and projects to the ecosystem.

Solana Price Prediction 2024: Where Will SOL Go Next Year?

Solana's relative resilience and the upcoming launches could bode well for the cryptocurrency, which is aiming to recover from a difficult 2022.

Solana began the year 2022 trading at $176.63 and hit a peak of $262.67 on March 28, 2022. The cryptocurrency encountered selling pressure throughout the year and reached a low of $8.10 on Dec. 29, 2022.

Solana encountered a massive sell-off in the second half of 2022, spurred by the collapse of several cryptocurrency exchanges and lending platforms, including FTX and BlockFi.

Despite the downturn, Solana outperformed Bitcoin and Ethereum in terms of price performance, thanks to a strong rally in the first quarter of 2022.

Solana's price is now attempting to rally off the lows encountered in December 2022. The cryptocurrency encountered a bounce at the $80 level in 2022 and encountered another bounce off the $100 level in January 2023.

Solana is attempting to rally into the $200 level, where it encountered strong resistance in 2022. A sustained move above the $200 level could open up further upside potential for Solana in the first half of 2023.

Solana traders and investors should be prepared for further volatility in the cryptocurrency markets throughout 2023. Keep an eye on key on-chain and macroeconomic data points for directional biases.

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