What happened
Cryptocurrency Solana (SOL 1.13%) jumped double digits in early trading on Thursday following a big gain on Wednesday. As of 11:45 a.m. ET the value of the cryptocurrency was up 4.1% in the last 24 hours and had traded as much as 6.2% higher.
Solana is up 25.1% over the last week, so this has been a strong run and the value is rising as other cryptocurrencies fall today.
Image source: Getty Images.
So what
Investors continue to pour into Solana as businesses begin to take it more seriously. Cryptocurrency exchange Coinbase Global recently started trading for some Solana-based tokens and yesterday OpenSea said it will start carrying about 50 Solana non-fungible tokens.
A lot of investors who primarily trade in Bitcoin or Ethereum may not realize what's being built on Solana so these moves bring exposure to the ecosystem. In time, that should lead to even more investment and higher values for Solana and its tokens as real businesses are built on the blockchain.
Now what
Volatility continues to be standard for cryptocurrencies and at times like this, it's working for Solana investors. But keep in mind that the rise in values could reverse as quickly as it came.
What I do like is how much is being built on Solana and I think in time that utility will drive tremendous value for investors. So, long-term this is a cryptocurrency I like, which is why I'm holding and ignoring volatile days like today, even if they are working in my favor.
