This week, cryptocurrencies saw diverse price movements, with Solana (SOL) notably surging by 42.90% compared to last week. SOL’s significant rise is linked to various factors, including Ethereum’s escalating gas fees as reported by Cointelegraph. These rising fees led users to explore alternatives with lower transaction costs, spurring increased activity on Solana’s network due to its consistently minimal fees. Institutional capital flowing into Solana-based funds also outpaced inflows into Bitcoin and Ethereum, further boosting SOL’s price.
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