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Serum (SRM/USD), the cryptocurrency associated with bankrupt crypto exchange FTX and the Solana (SOL/USD) blockchain, is one of the top performing coins in the past week.
What is Serum?
Serum is an open-source cryptocurrency project created by FTX and the Solana Foundation. It offers a highly scalable, high performant decentralised exchange (DEX), with low transaction costs. The DEX has a fully on-chain order book and targets offering of liquidity to both institutional and retail traders.
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Before the collapse of FTX and the negativity that surrounded related tokens FTX Token (FTT), and Solana (SOL), Serum commanded huge trading volumes in the DEXes ecosystem. Its capacity to offer on-chain solutions to problems with the traditional decentralised finance (DeFi) space still makes this a top crypto project though.
As for SRM holders, benefits include governance rights and access to trading fee discounts. Holders can also earn from staking rewards.
SRM price skyrockets as Solana hits pre-FTX levels
Amid the latest crypto rally, the SRM token jumped more than 190% in one week to reach highs of $0.58 on major cryptocurrency exchanges. The march to a seven-day high added to gains seen year-to-date as sentiment across the crypto market flipped green. The result was a major SRM pump. As noted by intraday trader Skew, the “dead” coin bounced triple-digits at one time this past week.
According to data from CoinGecko, the cryptocurrency’s price was still up more than 260% in two weeks by Monday morning.
It is notable that the gains come amid another buying trend for Solana. The SOL/USD pair has gained more than 62% this past week and is up 133% over the last two weeks. Indeed, Solana price is back above $23 where it traded before FTX imploded dramatically in November.
If you are asking what is fueling these gains for SRM and SOL, then the broader market rally offers one possible factor. However, there’s also a lot of positivity around Solana after it “survived” the FTX collapse and is looking positioned for further growth amid a bounce for the DeFi and NFTs sectors. Can the same be said of Serum price?
What next for Serum price?
Evidently, SRM/USD is seeing downside pressure amid a rejection at the recently reached multi-month high. It’s possible a breakout above this line could send the token skyrocketing to levels last seen in late October.
However, as SRM price is currently changing hands at $0.47, after giving up some gains amid potential profit booking. It is therefore poised at a crucial level, with any fresh declines likely to spell doom for bulls.
The coin is 96% down from its all-time high of $13.78 reached in September 2021.
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Image and article originally from invezz.com. Read the original article here.