Why Is Solana Rising Overnight On Thursday?

Solana SOL/USD sustained its upward momentum Thursday overnight, as cryptocurrency exchange Coinbase Global Inc. COIN scaled up its infrastructure to support faster, smoother SOL transactions. What happened: SOL rose over 3% over the previous day, becoming the most successful among the top 10 cryptocurrencies by market capitalization.

The rally came despite a 20% drop in trading volumes in the last 24 hours. The sixth-largest cryptocurrency hit an intraday high of $135.91, its highest in nearly three weeks.



Its weekly gains widened to 18.13%, outpacing Bitcoin BTC/USD and Ethereum ETH/USD . See Also: Solana Breaks Free From Bitcoin, Ethereum Lag After Cathie Wood’s Ark Invest Accumulates New SOL Staking ETF The latest spike comes after Coinbase upgraded its system, enabling a 5x improvement in transaction throughput, among other enhancements for Solana.

"These improvements enable faster, more reliable sends and receives, reinforcing our commitment to provide industry-leading performance and reliability for our users," the exchange said. We've been hard at work scaling our @Solana infrastructure to be faster, more resilient, and more scalable. We have upgraded our systems to: → Process transactions asynchronously, leading to a 5x improvement in block processing throughput.

→ Leverage bare metal machines for 4x...

pic.twitter.com/WFINzCutNK Additionally, Cathie Wood's Ark Invest increased its exposure to 3iQ Solana Staking ETF (SOLQ.

U ), scooping an additional 475,000 shares of the newly launched investment vehicle in Canada. Listed on the Toronto Stock Exchange, the ETF shares closed 0.87% higher at $10.

43 on Thursday. Price Action : At the time of writing, SOL traded at $134.96, up 3.

25% in the last 24 hours, according to data from Benzinga Pro . Shares of Coinbase were down 0.02% in after-hours trading after closing 1.

64% higher at $175.03 during Thursday’s regular session. Coinbase is now placed among high-growth stocks in the Benzinga Edge Stock Rankings.

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