Solana Tokens Surge Dramatically Overnight: Discover the Reasons

The Resurgence of Solana-Related Tokens

Is the hype surrounding Solana-related tokens returning? Let’s delve into the recent gains recorded by some of the leading assets of that kind in the past 24 hours.

TL;DR

Certain Solana coins are experiencing significant increases in their market values. These tokens have gained attention from major crypto exchanges, possibly playing a role in the uptick. Positive market trends and the rise of Solana (SOL) are also mentioned as possible drivers behind the price rally.

BONK, WIF, and JTO are Flying High

Some of the best-performing cryptocurrencies today (January 9) include the Solana coins – Bonk Inu (BONK), Jito (JTO), and dogwifhat (WIF).

• BONK has soared by nearly 30% (per CoinGecko’s data) in the past 24 hours, while its market capitalization surpassed the $800 million mark.
• JTO experienced a more modest increase of 6%.

One factor playing a role in the positive performance of those tokens could be OKX’s decision to list them on its spot trading markets on January 8.

Other leading crypto exchanges, including Coinbase and Binance, also embraced BONK a while back, boosting its value to an all-time high price in December. Despite not being included in OKX’s listing, the recent sensation in the crypto market – dogwifhat (WIF) – is also well in the green today. The meme coin currently trades at around $0.13, representing a whopping 88% surge in the past 24 hours.

The Market’s Bullish Condition

Another element fueling a price appreciation for BONK, JTO, and WIF might be the overall green wave in the cryptocurrency market. Recall that a few hours ago, Bitcoin surpassed the $47,000 level for the first time since the spring of 2022, potentially driven by arising expectations that a spot BTC ETF would see the light of day in the United States in the upcoming days.

Last but not least, the upswing of the Solana coins could be attributed to SOL’s rally. The latter has jumped by over 12% in the past 24 hours, exceeding the $100 mark once again.

According to some experts, including the one using the X handle, Ali, SOL is “showing signs of forming a bull flag.” The analyst suggested that crossing the $110 resistance tag could be a catalyst for an additional pump toward $163.