Solana, the native cryptocurrency of the Solana network, has spearheaded a rebound in the cryptocurrency market following a dip triggered by geopolitical tensions in the Middle East.
In the past 24 hours, Solana (SOL) surged over 6%, reaching $154.34 at 4:25 a.m. ET. Bitcoin rose by 2.56%, while Ether gained over 5% during the same period, according to data from The Block’s Price Pages.
This resurgence was evident across the broader cryptocurrency market, with the total cryptocurrency market cap increasing by 4.0% to $2.55 trillion, as reported by CoinGecko. The GM 30 Index, representing the top 30 cryptocurrencies, rose by 4.26% to 135.57 over the past 24 hours.
According to a recent report from QCP Capital, Sunday witnessed a recovery from Saturday’s lows, attributing the market rebound to Bitcoin’s utilization as a weekend proxy macro hedge. Bitcoin’s price has rebounded above $64,000, and Ether has surpassed $3,000.
Amid reports of potential drone strikes on April 12, U.S. stock markets closed lower, with the Nasdaq down 1.62%, the Dow Jones Industrial Average dropping 1.24%, and the S&P 500 falling 1.46%. Additionally, on April 14, the United Nations issued a warning of a potential all-out conflict in the Middle East, leading to a significant decline in crypto prices.
Despite the geopolitical concerns weighing on traditional financial markets, Solana’s resilience underscores its growing prominence as a safe haven asset within the cryptocurrency landscape.