Solana (SOL) and Enzyme (MLN) rally while the wider market remains flat
June 12, 2021. Summarized by summa-bot.
Compression ratio: 23.4%. 1 min read.
A rapidly growing ecosystem and recent Coinbase listings helped SOL and MLN bounce back from recent lows while the wider market trades sideways.
Two projects that have been more resilient than crypto majors and are down less than 20% from their highs established prior to the May 18 market sell-off are Solana (SOL) and Enzyme (MLN).
Out of the top 200 coins, Enzyme has outperformed the field in terms of bouncing back following the sell-off as the MLN token surged 150% from a low of $75. 50 on June 4 to a high at $185 on June 7, propelled by a record $45 million in 24-hour trade volume.
While there was no major developments for the protocol as the price started to rise significantly beginning June 4, the June 8 revelation that MLN would be added to Coinbase Pro appears to be the driving force behind the tokens recent surging price demonstrating that the Coinbase bump still has the potential to move prices.