The native cryptocurrency of the Solana network has led a rebound in the cryptocurrency market after major tokens dipped amid concerns over a wider conflict in the Middle East.

Solana SOL -5.48% gained over 6% in the past 24 hours and was changing hands for $154.34 at 4:25 a.m. ET. Bitcoin increased 2.56% and ether gained over 5% in the same period, according to The Block's Price Pages. 

This was seen across the wider market. The total cryptocurrency market cap posted an increase of 4.0% in the last 24 hours, and is currently standing at $2.55 trillion, according to CoinGecko. The GM 30 Index, representing a selection of the top 30 cryptocurrencies, increased by 4.26% to 135.57 in the past 24 hours.

Sunday's QCP Capital report noted the recovery from Saturday's lows. "It is likely that bitcoin was used as a weekend proxy macro hedge and therefore bore the full brunt of the immediate risk-off reaction at the weekend. Bitcoin has since traded back above $64,000 and ether is above $3000," QCP Capital analysts said.

Global markets tumble amid conflict escalation

As the reports of potential upcoming drone strikes came in on April 12, U.S. stocks closed lower at the end of trade, with the Nasdaq down 1.62%, the Dow Jones Industrial Average dropping by 1.24% and the S&P 500 falling 1.46%.

On April 14, the United Nations issued a warning that the Middle East is "on the brink" of a potentially devastating all-out conflict — with Israel vowing to "exact a price" against Iran after Saturday's drone and missile attack. At the time, crypto prices also fell significantly.

This morning, London’s FTSE 100 opened 41.56 points lower, down 0.5%, at 7,954. In Asia, the Hang Seng in Hong Kong, Japan's Nikkei and the Kospi in South Korea were all more than 1% lower in morning trading hours.