Why Solana jumped again today

Investors are starting to see value in the Solana blockchain.

| More on:
Person pointing at an increasing blue graph which represents a rising share price.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened 

Cryptocurrency Solana (CRYPTO: SOL) jumped double digits in early trading on Thursday following a big gain on Wednesday. As of 11:45 a.m. ET the value of the cryptocurrency was up 4.1% in the last 24 hours and had traded as much as 6.2% higher. 

Solana is up 25.1% over the last week, so this has been a strong run and the value is rising as other cryptocurrencies fall today. 

So what 

Investors continue to pour into Solana as businesses begin to take it more seriously. Cryptocurrency exchange Coinbase Global recently started trading for some Solana-based tokens and yesterday OpenSea said it will start carrying about 50 Solana non-fungible tokens. 

A lot of investors who primarily trade in Bitcoin or Ethereum may not realize what's being built on Solana so these moves bring exposure to the ecosystem. In time, that should lead to even more investment and higher values for Solana and its tokens as real businesses are built on the blockchain. 

Now what 

Volatility continues to be standard for cryptocurrencies and at times like this, it's working for Solana investors. But keep in mind that the rise in values could reverse as quickly as it came. 

What I do like is how much is being built on Solana and I think in time that utility will drive tremendous value for investors. So, long-term this is a cryptocurrency I like, which is why I'm holding and ignoring volatile days like today, even if they are working in my favor. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Travis Hoium owns Coinbase Global, Inc., Ethereum, and Solana. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Bitcoin, Coinbase Global, Inc., Ethereum, and Solana. The Motley Fool Australia owns and has recommended Bitcoin and Ethereum. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 

More on International Stock News

a man with a wide, eager smile on his face holds up three fingers.
International Stock News

3 reasons to buy Nvidia stock before 29 July

Jensen Huang and Mark Zuckerberg will speak together at an AI conference. Could that move the needle for Nvidia?

Read more »

A man wearing a red jacket and mountain hiking clothes stands at the top of a mountain peak and looks out over countless mountain ranges.
International Stock News

Has Nvidia's stock finally peaked?

Could this be the start of a much larger sell-off in Nvidia's stock?

Read more »

Rede arrow on a stock market chart going down.
International Stock News

Why Nvidia stock is sinking again

Earnings season has kicked off for the "Magnificent Seven." What does this mean for Nvidia?

Read more »

Man pumping petrol
International Stock News

Tesla's Q2 disappoints, but there's more to the story

Here's why the second quarter could be better than it appears, and why 2025 can't come soon enough.

Read more »

A man sits wide-eyed at a desk with a laptop open and holds one hand to his forehead with an extremely worried look on his face as he reads news of the Bitcoin price falling today on his mobile phone
International Stock News

Why Tesla stock just crashed

Tesla stock looks like the "Bad News Bears" of the auto industry.

Read more »

A man sits in casual clothes in front of a computer amid graphic images of data superimposed on the image, as though he is engaged in IT or hacking activities.
International Stock News

What did Nasdaq high flyers Tesla and Alphabet just report?

Nasdaq earnings season continues with Google-parent Alphabet and Tesla reporting overnight.

Read more »

A woman sits at her computer with her chin resting on her hand as she contemplates her next potential investment.
International Stock News

Nvidia stock has pulled back over 10%. Here's what history says could happen next

Nvidia has a 100% success rate of rebounding after pullbacks of 10% or more. Will this time be different?

Read more »

Digital rocket on a laptop.
International Stock News

Why Nvidia stock jumped on Monday

Nvidia investors got some big news, and the stock is also getting a boost thanks to bullish Wall Street analysts.

Read more »