• Solana (SOL) has skyrocketed over 125% since the start of 2023.
• SOL trading volume climbed about 65%.
• The blockchain witnessed technical glitches on February 25 after an hour of update.

Solana (SOL) Price Skyrockets Over 125%

Solana (SOL) is back on track to its winning ways with significant price surges. The “Ethereum Killer” (tagged by themself) has soared over 125% since the start of 2023 and is currently trading between the $22 and $23 price mark, which climbed about 2.5% in the last 24 hours and more than 11% over the previous week.

Solana Indicates Buy Signal

The Decentralized Finance (DeFi) and Non-Fungible Token (NFT) ecosystems are expanding, and SOL has contributed to its current growth boom. At the time of writing, Solana (SOL) traded at $22.72 with a 24-hour trading volume of $1,12 billion, which rose more than 65%. And SOL has a market cap of $8.6 billion, hikes around 2% in the last 24 hours. Also, Solana price increased by 10% in the last 14 days, as per CoinGecko data. The daily RSI gained momentum after breaking out from its bearish divergence trend line and indicates a “Buy Signal.”

Recent Technical Glitches

In the aftermath of the FTX collapse, Solana dives into the dip of the $9 price level. Also, the blockchain witnessed technical glitches on February 25th after an hour of update; however this did not have any long term effect on their prices or performance metrics.

Bull Market Trend

Solana’s protocol has one of the most diverse ecosystems, and now it enters a bull market trend with all other top-performing altcoins; if it breaks through resistance levels then it could reach up to next resistance level at $37.

Conclusion

Overall Solana can be seen as riding strong in light of recent tech problems; its value continues to rise steadily with no signs that it will slow down anytime soon!

• Bitcoin (BTC) surged 8% to hover above $22K and Ethereum (ETH) jumped to $1.6k in the last 24h, driven by a cascade of bank failures and recovery of Circle’s USDC cash reserves.
• Shiba Inu (SHIB) established itself as the top trending cryptocurrency with its Shibarium Beta launch on Sunday.
• The global crypto market cap spiked over 6% in a day, which was suppressed by the bullish rally exhibited by Bitcoin and other altcoins.

Bitcoin & Ethereum Rally

Bitcoin (BTC) surged 8% to hover above $22K after setting its 2-month-low, i.e, $19.6k, in the past week. BTC Price Chart exhibited its maximum spike of over 9% from the previous day, in a specific 24h frame – from $20,586 to $22,630 – as per CMC. At the time of writing, BTC traded at $22,135 with a 24h price change of over 7.8%. Similarly, Ethereum (ETH) also registered its surprising rally to a range above $1,500. ETH Price Chart recorded its maximum spike of over 10% from the previous day. As per CoinMarketCap, ETH surged from $1,474 to $1,629 in a specific 24h frame and it traded at $1,584 with a 24h price change of 7.58%.

Factors Behind Rally

The global crypto market cap spiked over 6% in a day due to several factors like Fed’s intervention in bank failures such as Silvergate Bank , Silicon Valley Bank and Signature Bank and Binance converting BUSD to BTC and ETH . The sudden de-pegging of Circle-issued USDC is also an aftermath of Silicon Valley Bank fall but it was recovered when US federal government refused SVIB’s bailout and initiated fund recovery process .

Shiba Inu Impact

With the Shibarium Beta – Puppynet – launch on Sunday Shiba Inu (SHIB) established itself as one of the top trending cryptocurrencies but it did not exhibit notable price surge subsequently after that event . SHIB Price Chart recorded its maximum spike around 5 %from previous day however it didn’t make any major impact on market cap .

Global Crypto Market Cap Spike

The gloomy period witnessed by macroeconomy due to bank failures was suppressed by bullish rally exhibited by Bitcoin and other altcoins resulting into global crypto market cap spike over 6 %in last 24 hours . This is mainly because investors were optimistic about recovery process triggered by US federal government refusal for SVIB’s bailout process .

Conclusion
As seen above , Bitcoin & Ethereum both have exhibited significant price surge since last week despite macroeconomic downturn caused due various bank failures . Moreover , Shiba Inu – one among top trending cryptocurrencies – launched their Shibarium Beta project causing minor fluctuation but no noticeable increase in overall crypto market cap . Finally , Global Crypto Market Cap has spiked significantly due increased optimism among investors about fund recovery process initiated by US federal government refusal for SVIB’s bailout process .

• Metagame Industries and Mysten Labs have partnered to build Abyss World, a web3-based action role-playing video game.
• The game will leverage Sui Network’s blockchain infrastructure to provide players with a next-generation gaming experience.
• Abyss World is set to launch its open beta version in Q3 2023, with early holders of its NFTs able to participate in game content and reap rewards.

Partnership Announced

Mysten Labs, a web3 infrastructure company and initial developer of the Sui Layer 1 blockchain, has announced that it has partnered with Metagame Industries, an interconnected web3 gaming ecosystem. Through this partnership, Metagame Industries will build Abyss World, a web3-based action role-playing video game, on Sui.

Features of Abyss World

Abyss World combines Metagame Industries’ expertise in creating exciting and interactive games with Sui’s high-performing, secure, and gaming-focused technology to create a unique gaming experience that will seamlessly bridge and unite web2 and web3 users. Backed by AMD, Microsoft, and IGN, Abyss World is primed to be the first AAA-level action role-playing open-world game in web3.

Plans for Launch

Metagame Industries has announced plans to expand its team, further develop its game product, and increase marketing efforts ahead of the launch of Abyss World’s open beta version in Q3 2023. Early holders of Abyss World’s NFTs will have the opportunity to participate in a wealth of game content and reap exciting rewards.

About Mysten Labs & Metagame Industries

Mysten Labs is a team of leading distributed systems experts whose founders were previously at Google Brain Robotics Research Lab and Stanford AI Lab while Metagame Industries is an interconnected web3 gaming ecosystem backed by AMD, Microsoft & IGN. Both companies are working together to bring next generation games & experiences to their communities using Sui protocols & technologies.

Goal Of Partnership

The partnership between Mysten Labs & Metagame industries aims to bring high quality games for both Web 2 & Web 3 gamers at scale through leveraging Sui’s holistic blockchain infrastructure which provides players with an immersive & valuable gaming experience like no other before it!