Solana (SOL) and Enzyme (MLN) Rebound While Overall Market Stays Flat

Significant price corrections like the one seen in May inflict widespread pain for most market participants and can be a death sentence for struggling projects as token holders capitulate and abandon their holdings for any price. offered.

While these periods are useful in helping to shake off weak hands and eliminate unnecessary projects, they also offer strong performers a chance to stand out from the crowd and attract the attention of eager investors seeking a safe haven during the markets. agitated.

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

Coinbase Heist Enzyme Benefits

Of the top 200 coins, Enzyme has outperformed the field in terms of recovery after the sell-off as the MLN token surged 150% from a low of $ 75.50 on June 4 to a high of $ 185 on June 7. , driven by a record. $ 45 million in 24-hour trade volume.

MLN / USDT 4-hour chart. Fountain: TradingView

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

After a relatively uneventful start to June, Enzyme started getting more notices on Twitter as of June 6 with Messari analyst Jack Purdy. pointing out that “even with prices down 40% from a few weeks ago, Enzyme AUM are still close to all-time highs.”

While there were no major developments for the protocol as the price began to climb significantly as of June 4, the June 8 reveal that MLN would be added to Coinbase Pro appears to be the driving force behind the recent price surge of tokens, showing that Coinbase’s surge still has the potential to move prices.

Solana recovers from its low of May 19

The second token that quickly recovered 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

Momentum for the project began to pick up on June 2 after the announcement launch from the Metaplex NFT platform offering “a radically new approach to NFT and NFT stores” on the Solana blockchain.

SOL / USDT 4-hour chart. Fountain: TradingView

This announcement was followed by a number of other project launches at Solana, including the algorithmic decentralized lending and lending platform Solend and the decentralized and capital-efficient derivatives exchange Mo√ęt Finance.

According to data from Cointelegraph Markets Pro, market 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 trading activity. Twitter

VORTECS ™ score (green) vs. SOL price. Fountain: Cointelegraph Markets Pro

As seen in the graph above, the VORTECS ™ score for SOL has been green for most of May, and its score quickly recovered above 67 on May 24 to reach a high of 80 on June 4 when its price began to rise 30% more. The 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 trade move involves risk, you should do your own research when making a decision.