Thursday evening Solana (CRYPTO: SOL) continued to climb higher and higher despite the major cryptocurrencies in the market moving into negative territory.
In the last 24 hours SOL has risen by 8.33% to 201.11 dollars; in the last seven days SOL jumped by 35.19%.
As for the major cryptocurrencies, SOL gained 12.85% up Bitcoin (CRYPTO: BTC) and 11.42% compared to Ethereum (CRYPTO: ETH).
Solana’s year-to-date yield is an extraordinary 10,891.33%.
At the time of publication, SOL was trading 5.87% below the all-time high of $ 214.96 it hit last month.
Why is it moving?
The rise in SOL comes despite the major digital currencies on the market taking a plunge on Thursday, with the global cryptocurrency market cap falling 2.07% to $ 2.58 trillion.
At the time of publication, Solana was found to have attracted a lot of interest from retail investors and was trending on CoinMarketCap, CoinGecko, Stocktwits and Twitter.
On Twitter, SOL was the third hottest cryptocurrency having been mentioned in 4,805 tweets, according to data from Cointrendz.
The two main trending cryptocurrencies, Bitcoin and Ethereum, were mentioned in 10,771 and 5,935 tweets, respectively.
Solana benefited from the rally linked to Smart Contract Layer 1 (L1) which continues to be “hot” in October, according to Delphi Digital, an independent research firm.
“Most L1 tokens (especially SOL) have seen a strong recovery [giovedì]Delphi Digital wrote in an email note.
Among the news on the Solana coin, the project announced the beta launch of ‘Squads’, a generator of decentralized autonomous organizations (DAOs); two versions of Squads will arrive on the mainnet and devnet on November 9, according to the project’s blog.