While the overall market stays flat, Solana (SOL) and Enzyme (MLN) are rising.

While the overall market trades sideways, a quickly developing ecosystem and fresh Coinbase listings helped SOL and MLN rebound back from recent lows. Significant price declines, such as the one saw in May, cause widespread anguish for most market players and can be fatal for struggling projects, as token holders cave and sell their holdings for whatever price given.

While these times are beneficial for shaking out weak hands and weeding out needless ventures, they also provide opportunities for strong performers to stand out from the pack and capture the attention of eager investors searching for a safe haven amid tumultuous markets.

 

Solana (SOL) and Enzyme (ENZ) are two projects that have held up better than crypto heavyweights and are down less than 20% from their highs prior to the May 18 market sell-off (MLN). Enzyme has surpassed the rest of the top 200 coins in terms of recovering from the sell-off, with the MLN token surging 150 percent from a low of $75.50 on June 4 to a high of $185 on June 7, powered by a record $45 million in 24-hour transaction volume. Enzyme is a decentralized finance (DeFi) system for on-chain asset management that aims to empower investors by allowing them to create, grow, and monetize investment strategies that can be used by others in the Enzyme community. 

After a relatively calm start to June, Messari analyst Jack Purdy noted on June 6 that “even with prices down 40% from a few weeks ago, Enzyme AUM are still close to all-time highs.”

While there have been no major developments for the protocol since the price began to rise significantly on June 4, the announcement on June 8 that MLN would be added to Coinbase Pro appears to be the driving force behind the token's recent price surge, demonstrating that the Coinbase bump still has the potential to move prices.

Solana recovers from its low of May 19th.

Solana (SOL), a layer-one proof-of-stake system capable of processing 65,500 transactions per second, is the second token that has swiftly recovered from the May meltdown (TPS). Following the announcement of the Metaplex NFT platform, which offers “a totally new approach to NFTs and NFT storefronts” on the Solana blockchain, momentum for the project began to build up on June 2.

The algorithmic decentralized loan and borrowing platform Solend, as well as the decentralized, capital-efficient derivatives market Mot Finance, were among the projects launched on Solana following this announcement.

 

The VORTECS™ Score is an algorithmic assessment of history and present market circumstances produced from a variety of data points including market sentiment, trading volume, recent price changes, and Twitter activity. The VORTECS™ Score for SOL has been green throughout the most of May, with its score swiftly rebounding above 67 on May 24 to reach a high of 80 on June 4 as its price began to climb 30% over the next three days, as seen in the chart above.

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