Solana Surges 20% to $115, Leaving Bitcoin Behind

Solana (CRYPTO:SOL) has seen significant gains this month, rising 20% to $115 and leaving Bitcoin and Ethereum behind.

This outperformance can be attributed to a combination of factors, including the recent surge in Bitcoin's price, which forced short sellers to liquidate their positions, leading to a short squeeze. Solana's smaller market size means that even small buying pressure can lead to larger price changes, resulting in its 6.6% daily gain outpacing Bitcoin's 5.3%

Solana also has three catalysts of its own that could push it further before the end of September: the SEC's recent exemption for tokenized stocks, which Solana is well-positioned to benefit from with $465 million in existing tokenized equities; two recent upgrades to the network, including Transaction V1 and SIMD-0525; and the upcoming launch of Alpenglow on September 28, a rewrite of the system that aims to improve transaction finality.