Cryptocurrency News

Solana (SOL) and Enzyme (MLN) rally while broader market remains flat

Significant price corrections such as those seen in May cause widespread pain for the majority of market participants and can be a death sentence for struggling projects as token holders surrender and dump their holdings for any price offering. Huh.

While these periods are useful for shaking weak hands and helping eliminate unnecessary projects, they also provide an opportunity for strong performers to stand out from the crowd and those eager to seek a safe haven during choppy markets. attract the attention of investors.

Two projects that have been more resilient than the crypto major and are down less than 20% from their highs established prior to the May 18 market sell-off are Solana (SOL) and Enzyme (MLN).

Enzyme Benefits from the Coinbase Bump

Among the top 200 coins, Enzyme has outperformed the region in terms of bounce back after the sell-off as the MLN token rose 150% from a low of $75.50 on June 4 to a high of $185 on June 7. Inspired by a record. $45 million in 24-hour trading volume.

mln/USDT 4-hour chart. Source: trading view

Enzyme is a decentralized finance (DeFi) protocol designed for on-chain asset management and aims to empower investors to build, scale and monetize investment strategies that can be used by other members of the Enzyme community is.

After a relatively quiet start to June, Enzyme began to receive more notice on Twitter from June 6 with Messari analyst Jack Purdy. pointing out That “Even with the 40% drop in prices a few weeks ago, enzyme AUM is still close to an all-time high.”

Although there was no major development for the protocol as the price began to rise significantly from June 4, the June 8 revelation that MLN would be added to Coinbase Pro appears to be the driving force behind the token’s recent soaring price. , indicating that a Coinbase collision still has the potential to move prices.

Solana bounces back from May 19 low

The second coin that quickly rebounded from the May crash is Solana (SOL), a layer-one proof-of-stake protocol capable of processing 65,500 transactions per second (TPS).

related: Solana Labs raises $314 million through private token sale as ecosystem support expands

Following the announcement, momentum began for the project on 2 June. launch The Metaplex NFT Platform which offers “a new approach to NFT and the NFT storefront” on the Solana blockchain.

SOL/USDT 4-hour chart. Source: trading view

The announcement was followed by several other projects launched on Solana, including algorithmic decentralized lending and lending platform Soland and decentralized, capital-efficient derivatives exchange Moët Finance.

according to the data of Cointelegraph Bazaar ProMarket conditions for Solana have been favorable for some time.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions, derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ score (green) vs. SOL value. Source: Cointelegraph Bazaar Pro

As seen in the chart above, the VORTECS™ score for SOL is the highest beating in May, recovering sharply from 67 on 24 May to a high of 80 on 4 June as its price increased by more than 30%. next three days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, so you should do your own research when making a decision.