3 reasons SOL price is up 30% in two weeks — Will Solana's uptrend continue?
Solana (SOL) ticked higher on Sep. 13, mirroring similar upside moves in the broader cryptocurrency market, led by Bitcoin (BTC) and Ether (ETH).
On the daily chart, SOL's price gained over 4% to $39, its best level in 3 weeks. The token's intraday gains came as an extension of a prevailing uptrend that has seen its price gaining 30% in just 2 weeks.
In comparison to Solana, Bitcoin and Ether underperformed, securing 16% and 22% gains in the same period. Let's look at the mix of fundamental and technicals that may have prompted SOL to rally higher.
On Aug. 30, core developers behind the Helium Network, which offers decentralized wireless 5G network coverage by enabling users to become hotspots, announced a governance proposal to migrate to the Solana blockchain from its native chain.
The Helium developers cited their "need to improve operational efficiency and scalability" while seeing Solana as an ideal fit.
SOL is the staking and transaction payment token inside the Solana ecosystem.
The latest buying period in the Solana market has also coincided with upticks in its nonfungible token (NFT) metrics.
Notably, volume across NFT marketplaces like OpenSea, Metaplex and Magic Eden reached nearly 1.2 million SOL (~$42.8 million) in the week ending Sept. 11, data tracked by Nansen shows. That further accompanied a rise in NFT transactions, hitting a record high of over 1 million in the same period.
Solana NFT volume per week presented without comment pic.twitter.com/QaPanxpOkv
The jump in Solana's activity appeared as a unique bright spot in the NFT sector that's otherwise seeing lower demand in recent months. For instance, the trading volume at the leading NFT marketplace OpenSea has seen a drastic decline.
Of all Solana NFT
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