The crypto market continues to surprise investors, with Solana ($SOL) being the latest token to experience significant upside.

$SOL has soared 11% in the past week, putting the price just below the crucial $25 level.

However, $SOL isn’t the only cryptocurrency gaining ground – the new Web3 project Launchpad XYZ ($LPX) is also making waves as its presale phase hits the $1.2 million milestone.

Bulls Regain Control as $SOL Price Surges

Solana has posted a bullish close in six of the last seven days, showcasing a level of consistency not seen since mid-June.

After dropping 30% from July’s peak, $SOL has bounced back, with the bulls seemingly in control.

Price has climbed above the 20-day and 50-Day Exponential Moving Averages (EMAs) on the daily time frame, indicating that the short and medium-term trends have flipped bullish.

Additionally, data from CoinMarketCap shows that $375 million worth of $SOL was traded in the past 24 hours – making it the eighth largest cryptocurrency globally, as measured by trading volume.

This surge in trading activity shows that interest in Solana remains high among market participants.

Coupled with the positive sentiment in the crypto market as a whole, sentiment remains optimistic among many investors about $SOL’s growth trajectory for the remainder of 2023.

Solana’s Thriving NFT Sector Fuels Token Growth

One of the main factors contributing to Solana’s recent price rise is the platform’s expanding NFT capabilities.

Solana has become a go-to blockchain for launching new NFT collections, with data from CryptoSlam showing that it is now only behind Ethereum in terms of daily sales.

Over 890,000 NFT transactions occurred on Solana in the past 30 days, leading to a total sales volume of $75.4 million.

Leading projects like Gruuvies, Tensorians, and Solcasino.io have also chosen Solana due to its speed, low fees, and growing user base – and this influx of activity has prompted additional interest in the network.

Naturally, the more NFT activity on Solana, the higher the demand for $SOL, helping drive the token’s rece