Ripple backs ultra-bullish move in XRP as market faces tough consolidation

  • After a bad week for cryptocurrency assets, Solana, Terra, and Cardano achieved a violent recovery.
  • These assets have risen 5-20% in the last 24 hours, with Terra (LUNA) at a daily high of over $90.
  • SOL’s surge may have been supported by the Solana Foundation’s world tour.

1646132182_327_image-1024x602.png.webp TradingView's LUNAUSD K-line chart

The cryptocurrency market seems to be showing signs of a huge recovery as geopolitical tensions continue to disrupt the market due to the Russian invasion of Ukraine. LUNA, BTC, ADA, and SOL made some significant gains today.

Resurrection of Solana

Solana reached a daily high of $96 earlier today. The asset was then one of the biggest gainers of the day, up as much as 6.4%.

The recent spike in asset prices has been helped by the announcement of a world tour by the organization behind asset development. In an effort to encourage developer interest in the ecosystem, the Solana Foundation has announced that they will be organizing physical events in various cities around the world.

The team is calling the event a "hacker's home" and the foundation will visit cities such as Prague, Berlin and New York in the coming weeks, as well as Florianópolis, Brazil, and Nassau, the capital of the Bahamas. They have also expressed a willingness to add cities to the listings over time.

"BIG NEWS: more Solana hacker houses coming soon The staff is adding several new sites to the World Tour." This is expected to attract more projects to the ecosystem and strengthen the blockchain, a welcome positive development following a tough start to the year for Solana.

Advertising &nbsp &nbsp

Solana has experienced a difficult few months. In addition to the massive price correction that plagued the cryptocurrency market, the blockchain faced two outages in January, which upset users. A statement from their official Twitter account at the time read, "Solana mainnet beta [was] experiencing high levels of network congestion. This [was] related to previously identified issues that engineers have been working on improving and resolving."

Market Conditions

Digital assets have experienced a tough quarter as falling prices have frustrated traders. This comes after authorities expressed their belief that the market is showing signs of significant gains in the first quarter of 2022. According to CoinMarketCap, over the past seven days, assets such as Terra, Bitcoin, Ether and Caldano have seen double-digit percentage increases of about 79%, 15% and 13% and 12%, respectively.

At $43,070 on major exchanges, bitcoin is still below its all-time high of $68,000. Ether, on the other hand, is trading at $2,879, down 40% from its all-time high of $4,891.

However, it's not all doom and gloom for the cryptocurrency market. There has been a steady increase in institutional inflows over the last month, which can be interpreted as large amounts of interest.