Crypto currencies up, SOL rises fastest

The sharp relative move higher for SOL pushed it to an all-time high relative to ether of 0.062, up 7.5% over the last 24 hours and 13.6% over the last week

Crypto currencies continued their rise from Monday lows on Wednesday, with layer-1 network Solana’s token (SOL) being the fastest gainer during the rebound.

The sharp relative move higher for SOL pushed it to an all-time high relative to ether (ETH) of 0.062, up 7.5% over the last 24 hours and 13.6% over the last week, as per CoinGecko. Ether also dipped to more than a three-year low versus bitcoin (BTC), now more than reversing any relative gains since the U.S. Securities and Exchange Commission in May surprised nearly all by signalling its intent to approve spot ether exchange traded funds.

After the recent wipeout, SOL and its ecosystem of coins still look good, especially in comparison to other alts, K33 Research analyst David Zimmerman wrote in a Wednesday report. SOLETH has made a nice all-time high since the carnage, while SOLBTC also looks strong. Both closed green on the days of mass panic.

Solana’s resilience is largely driven by its strong fundamentals, digital asset investment firm Tagus Capital said in a Wednesday market update. The platform’s underlying strength is evident in key metrics such as the growth in active users, increased volumes on DEXs and overall ecosystem expansion.

One potential risk investors need to keep in mind is swirling rumours about market maker giant Jump Crypto shuttering its digital asset business, Zimmermann said. Blockchain data observers noted crypto wallets linked to Jump sending ether to exchanges this weekend and unstaking $500 million of ether over the last two weeks. Notably, Jump was a key early supporter of the Solana ecosystem, and has been leading development of the network’s highly anticipated Firedancer upgrade.

Despite the uncertainty, SOL is showing strength and there is no need to overcomplicate things, Zimmerman said. If looking for longs, SOL is a clear option.