Following a spectacular increase over the past week, SOL, the native token of the popular Solana blockchain, has risen to become the sixth-largest cryptocurrency by market capitalization.
On Thursday, the coin rose two spots in the rankings, passing Ripple (XRP) and Cardano (ADA) and avoiding a broader crypto market downturn.
SOL has risen about 40% in the previous seven days, reaching around $120, its highest level since late November, outperforming the top ten biggest cryptocurrencies in weekly gains.
The token rose substantially in the second half of March, rebounding from a seven-month low in the middle of the month. It had surpassed Terra (LUNA) to reach the eighth slot in the top ten cryptocurrencies earlier this week.
The cryptocurrency market has just recently rebounded from the negative reactions to the European Parliament’s vote to ban anonymous bitcoin transactions. Almost all of the top 100 cryptocurrencies initially lost value but have since recovered, with Solana leading the charge.
Solana’s bullish performance has been bolstered by a significant increase in demand for non-fungible tokens (NFTs) on the platform, which has been fueled by news that OpenSea, the industry-leading marketplace for NFTs, will integrate the Solana blockchain into its platform sometime in April.