Solana and Bitcoin stand out in the crypto sphere with significant increases. The announcement of a Jupiter airdrop propels Solana, while BTC continues its rise. These moves could suggest a major recovery in the crypto market.
Solana displays a remarkable rise
Solana’s native crypto, SOL, crossed the $100 threshold, a first since January 18. This rise, of 6.9% in one day, coincides with theincrease in trading volumes on Jupiter. It is a liquidity aggregator and decentralized exchange. The spike in interest comes as the JUP token airdrop approaches, with nearly a million wallets eligible to claim the token as early as January 31.
At the time of writing, the price of Solana is $104.9 on the Binance exchange.
The impatient JUP community has been waiting for the DEX to announce the date of this airdrop for a long time. With the launch of its Jupiter Launchpad, Jupiter also plans an airdrop for the same Ovols corner. Although the exact date of this airdrop remains unspecified by the Ovols team, they suggested that it would take place this week.
The Solana community also attended the conclusion of the WEN token airdrop Monday. With $35 million worth of tokens left on the table, the price of WEN has seen significant volatility. Indeed, its price fell by 23% after the conclusion of the airdrop, as unclaimed tokens were burned.
Bitcoin in good shape
Alongside the excitement around Solana, Bitcoin continues to assert itself with increase of 3% as the Fed’s interest rate announcement approaches. This increase, although modest compared to the explosion of Solana, confirms its position as a flagship crypto.
Investors hope the Fed will keep interest rates unchanged. However, Jerome Powell’s comments could suggest a rate cut later in the year.
Last week, BTC faced difficulties, notably due to the actions of the Grayscale Bitcoin Trust (GBTC). This sale of shares by investors resulted in the issuer selling large quantities of BTC. This thus exercised downward pressure on the price of Bitcoin.
The enthusiasm generated by the Jupiter airdrop, the rise of Solana and the stability displayed by Bitcoin could suggest a major recovery for all crypto markets.
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