Why Is Solana Rising Overnight On Thursday?
Solana (CRYPTO: SOL) sustained its upward momentum Thursday overnight, as cryptocurrency exchange Coinbase Global Inc. (NASDAQ:COIN) scaled up its infrastructure to support faster, smoother SOL transactions.
What happened: SOL rose over 3% over the previous day, becoming the most successful among the top 10 cryptocurrencies by market capitalization. The rally came despite a 20% drop in trading volumes in the last 24 hours.
The sixth-largest cryptocurrency hit an intraday high of $135.91, its highest in nearly three weeks. Its weekly gains widened to 18.13%, outpacing Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
See Also: Solana Breaks Free From Bitcoin, Ethereum Lag After Cathie Wood’s Ark Invest Accumulates New SOL Staking ETF
The latest spike comes after Coinbase upgraded its system, enabling a 5x improvement in transaction throughput, among other enhancements for Solana.
"These improvements enable faster, more reliable sends and receives, reinforcing our commitment to provide industry-leading performance and reliability for our users," the exchange said.
Additionally, Cathie Wood's Ark Invest increased its exposure to 3iQ Solana Staking ETF (SOLQ.U ), scooping an additional 475,000 shares of the newly launched investment vehicle in Canada.
Listed on the Toronto Stock Exchange, the ETF shares closed 0.87% higher at $10.43 on Thursday.
Price Action: At the time of writing, SOL traded at $134.96, up 3.25% in the last 24 hours, according to data from Benzinga Pro.
Shares of Coinbase were down 0.02% in after-hours trading after closing 1.64% higher at $175.03 during Thursday’s regular session.
Coinbase is now placed among high-growth stocks in the Benzinga Edge Stock Rankings. Click here to analyze other cool metrics about the stock.
Photo: Lee Wa Da/Shutterstock
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Posted-In: 3iQ Solana Staking ETF Cathie Wood CoinbaseCryptocurrency News Markets Movers Trading Ideas
