Why did solana's price jump up today? Cryptos extend YTD surge

Solana ( SOL-USD ) jumped 12% in afternoon trading, extending its huge 100%+ year-to-date rally, as the broader cryptocurrency market got a boost in a risk-on day . For 2022, SOL plummeted more than 90% from a year earlier, as investors became increasingly wary about its relationship with failed crypto exchange FTX ( FTT-USD ) and its affiliated trading firm Alameda Research. But since the start of 2023, SOL has more than doubled from the Dec. 28, 2022 low of $9.64, changing hands at $23.87 as of 4:27 p.m. ET. Most major cryptos, alongside the stock market , experienced intraday buying pressure. The global crypto market cap advanced 5% to $1.03T, according to CoinMarketCap data . SOL is the fifth biggest YTD gainer among cryptos, soaring 141% . Gala ( GALA-USD ) has climbed the most, up 194% , followed by Aptos ( APT-USD ), +174.3% . Seeking Alpha contributor The Digital Trend admired SOL's "roaring comeback," but warned of its shortage in security and decentralization.