• Solana (SOL) has risen over 10% in the last 24 hours, as Bitcoin and Ethereum also went up by less than 10%.
• The increase in price is accompanied by a surge of 2.2% in TVL and an increase of 333% in 24H trading volume.
• The Solana ecosystem is launching state compression for NFT minting, Saga mobile Web3, and Crypto.com’s on-chain staking for SOL.

Solana Jumps 10%, Alongside Bitcoin & Ethereum

Solana (SOL) jumped over 10% in the last 24 hours to trade at $22.40 at press time, following a short but significant spike of less than 10% from Bitcoin and Ethereum. In addition, the token’s Total Value Locked (TVL) rose 2.2% over the day to reach $294.6M, while its 24H sales volume spiked 38%. Furthermore, 391,697,821 SOL were circulating with an 11.25% market cap surge to $8.7 billion.

State Compression & Other Upgrades

The notable price rise is speculated to be related to several upcoming upgrades within the Solana ecosystem such as state compression that uses Merkle trees to store data in small bits directly integrated into the ledger – reducing NFT minting cost by 2.4k-24k times ($110 instead of $250k). Additionally, “Saga” – a mobile Web3 wallet allowing users to mint NFT directly from their phones – will launch on April 13th, along with Crypto.com enabling on-chain staking for SOL on Monday this week.

Relative Strength Index (RSI)

As per the chart above recorded by TradingView showing that Solana’s price candle was above its 50-day moving average confirming its bullish trend; however, its Relative Strength Index (RSI) was 60 indicating it was neither oversold nor overbought yet; if it surpasses 70 then it would display an overbought state with sell signals being triggered off soon after that point..

Solana’s All Time High

At press time, this crypto had nearly gone down 91% from its All Time High of $260 reached close to November 2021; however with current developments taking place around it – speculations for further growth are high among investors looking forward towards investing money into altcoins like this one which could potentially pay off well due to current market conditions..

Conclusion

It remains uncertain how long these recent developments will benefit Solana’s prices but what can be said for sure is that this altcoin has displayed strong potential because of these upgrades combined with other already existing features which could make it a good candidate for investments into cryptocurrencies during these times where most investors are looking forward towards buying crypto coins like these which have seen great success lately..