Crypto investors got a break last week as many leading tokens posted gains after months of freefall. The upsurge lifted the prospects of nearly every significant token on the market, from stalwarts like Solana (SOL) to innovators like Polkadot (DOT). But the market failed to maintain its upward momentum, leading many to fear that last week’s rally represented little more than profit-taking in the midst of a continued crypto winter. Meanwhile, investors continue to look to the future.FinTec pioneer Gorilix (SILVA) rode more than a month’s worth of good news into the second round of its presale, which has seen its price more than quadruple on consistently strong volume.
First, the good news. Gorilix has emerged as a rock of stability during its presale, and anticipation is growing over its September IDO. Its roadmap seems to have struck a chord with investors looking for a coin that supports essential lending and borrowing functions on a stable, gimmick-free platform. Since the mid-June launch of SILVA’s presale, its price has increased more than fourfold to stand at nearly $0.035.
While presales naturally offer a low barrier to entry, every indication points to SILVA’s steady appreciation over the next six weeks. Volume has remained remarkably consistent amidst the turmoil affecting the broader crypto market, and supply will be tapered over the presale’s remaining phases.
The rest of the market has not fared as well. For nearly a week, Solana seemed poised to lead the crypto market back to sustained health. After hitting a monthly low of $32.53 on July 13, the industry-leading altcoin posted six days of gains, overcoming several minor dips while investors consolidated their positions. By July 19, SOL stood at $47.40, a price it had not seen since May.
During last week’s surge, Solana resolutely took two steps forward for every one step back. It never dipped more than 5%, and finished each day with a gain. That all changed on the 20th, when SOL fell by more than 11%, from a daily high of $45.36 to $40.01. Last week’s rally now appears to be spent, with Solana’s price languishing and its daily trading volume down more than 20%.
Polkadot, the multichain pioneer that positions itself as a highly interoperable, energy-efficient token, has a similar story to tell. Its rise from a July 13 low wasn’t quite as dramatic as Solana’s—DOT posted a 35% gain, from $6.00 to $8.08—but its recovery has been a touch more sure-footed. As volume continues to ebb, DOT finds itself settling in at just over $7.50 on July 22, with little to suggest that another jump is in its near future.