Solana’s Exceptional Market Performance
Solana (SOL) has displayed an impressive market performance, with its token surpassing the $100 mark and achieving a weekly growth of over 36% against the US dollar. Throughout the year, investor sentiment toward SOL has remained largely positive, especially after the conviction of ex-FTX chief Sam Bankman-Fried on multiple charges on November 2, 2023.
SOL’s Steady Rise
In the past year, SOL has experienced a remarkable surge of 764% against the US dollar, breaking the $100 milestone on December 23, 2023. This price level is unprecedented since April 2022 and has propelled SOL to become the fourth-largest cryptocurrency by market capitalization, overtaking BNB. Currently valued at $102 per coin, SOL boasts a market value of approximately $43.58 billion. On Saturday, its daily trading fluctuated between $93 and $104.
Impressive Growth and Trade Volume
SOL has witnessed a growth of over 80% in the past month, with a significant rise of nearly 38% in the last two weeks alone. Over the past 24 hours, SOL has gone up by 6.6%, resulting in a weekly growth of over 36% against the US dollar. With a global trade volume of $3.26 billion in 24 hours, SOL currently holds the fifth-largest trade volume. The top trading pairs for SOL include USDT, USD, KRW, BTC, EUR, and FDUSD.
Korean Interest and Solana’s Expansion
Solana has gained significant interest from South Korea, with the Korean won contributing 6.69% to SOL’s 24-hour global trading volume. In South Korea, SOL trades at a premium, with prices reaching $106.80 on Upbit and $106.95 on Bithumb, over 4% higher than the global average. Despite the sale of SOL tokens by FTX’s bankruptcy estate, the enthusiasm for SOL remains high. Additionally, a portion of Solana tokens from FTX’s bankruptcy is locked or vested for the long term.
Solana’s Resilience and Growing Ecosystem
SOL’s value experienced a significant increase from $40 to $56.67 following Sam Bankman-Fried’s conviction. The Solana ecosystem itself is expanding, with the total value locked (TVL) in Solana’s network starting to recover after a decline. This indicates a resurgence of interest and confidence in the platform. Sales of Solana-based NFTs have also surged, surpassing Ethereum and ranking second only to Bitcoin-centric NFT sales in the past week.
Divided Opinions and Bright Prospects
Despite its success, solana (SOL) has faced criticism from skeptics. However, market data leans favorably towards a bullish trend for SOL in the future. As the crypto community observes, hope, caution, and tangible metrics continue to shape the narrative surrounding this dynamic digital asset. Although SOL crossed the $100 mark, it is important to note that it is still 60% lower than its all-time high of $259 recorded on November 6, 2021.
Hot Take: Solana’s Rise Continues
Solana’s unprecedented growth and market triumph have captured the attention of investors worldwide. With its token crossing the $100 mark and achieving substantial weekly growth, SOL has become a significant player in the cryptocurrency market. Despite skeptics, the future looks promising for Solana, with expanding interest, growing ecosystem, and positive market-driven data. As SOL continues to make waves, the crypto world eagerly watches its progress, balancing optimism with cautious skepticism. Solana’s journey may still be unfolding, but its current ascent signifies a potential powerhouse in the crypto landscape.
By
By
By
By
By