Solana Soaring Beyond the $100 Mark with 874% growth this year
In a thrilling development, Solana’s token, SOL, has catapulted beyond the $100 mark, registering an astounding 874% growth this year. This surge is a reflection of the unwavering investor confidence in SOL, despite the volatility in the crypto market.
Solana’s Market Victory
On a recent Saturday, SOL not only crossed the $100 barrier but also recorded a weekly growth surpassing 36% against the U.S. dollar. This bullish trend has been a constant throughout the year, with investor confidence amplifying following the sentencing of former FTX chief Sam Bankman-Fried on multiple charges on Nov. 2, 2023.
Over the past 12 months, SOL has experienced an impressive surge of 874% against the U.S. dollar, crossing the significant $100 threshold on December 23, 2023. This price level for SOL has not been attained since April 2022, and presently, the cryptocurrency has exceeded BNB, securing the fourth position in terms of market capitalization. As of now, with a per-coin value of $111, SOL boasts a market capitalization of approximately $47.6 billion.
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The Role of Solana’s Saga Phone
The Solana Saga phone, a flagship Android mobile device with unique functionality and features tightly integrated with the Solana blockchain, has played a significant role in the recent surge of SOL price. The phone, which makes it easy and secure to transact in web3 and manage digital assets such as tokens and NFTs, has been completely sold out and is trading at a premium on secondary markets.
The successful debut of the newly launched SPL token, Jito (JITO), a liquid staking protocol, on major centralized exchanges like Coinbase and Binance, has further boosted demand for other airdrops and token launches on the Solana Network. This frenzy of airdrops has contributed to the complete sell-out of the Saga phone, attracting a new wave of users and contributing to the recent surge in SOL price.
Meme Coin Mania
The rise of meme coins has played a pivotal role in SOL’s recent surge. Notably, the dog-themed bonk (BONK) experienced a staggering 1,000% jump in late November, triggering a cascade of meme coin releases. One such example is dogwifhat (WIF), which witnessed over 10,000% gains in a short period, adding 35% to its market capitalization in the last 24 hours alone. Thousands of meme coins have emerged, starting from low market capitalizations and reaching a few million.
Google Trends data indicates a 250% increase in searches for Solana in the past 2 months, almost closing in on searches for Ethereum in the United States. This surge in interest aligns with Solana’s impressive performance in the market.
Looking at recent market trends, SOL has marked a significant rise of 90.14% in the past month, with an upward movement of 73.42% against Ethereum and 66.18% against Bitcoin. In the last 24 hours, SOL has seen a slight increase of 2.53%, leading to an impressive 61% growth against the U.S. dollar over the week. Interestingly, Solana is currently the fifth largest in trade volume this weekend with a global trade volume of $4.4 billion in 24 hours. Tether (USDT) is the primary trading pair for SOL with a trading volume of $4.18 Billion, followed by BTC, FDUSD, TRY, EUR, and ETH.
The Solana Ecosystem
Shifting focus to the Solana ecosystem, following the legal proceedings involving Sam Bankman-Fried on November 2, 2023, SOL’s value shot up from $40 to $56.67 within a week. The Solana ecosystem is currently witnessing considerable growth, as evidenced by the revival of the total value locked (TVL) in Solana’s network. After a previous downward trend, the recovery of TVL signals a resurgence of interest and faith in the platform. Sales of non-fungible tokens (NFTs) based on Solana have seen a significant boost, recently outdoing Ethereum and ranking second only to Bitcoin-centric NFT sales in the past week.
Criticism and Concerns
Despite the recent support, Solana (SOL) is not universally endorsed. A critic with the handle “Defi Made Here” (DMH), and 36,600 followers, revealed he has avoided SOL for reasons including being “connected to Sam/Alameda/FTX, all coins were essentially Sam coins, you got instantly filled on FTX when buying Sam coins but never filled when selling, the chain was switching off/on every week which we later discovered was due to Sam liquidating people, and unreliable bridges,” among other concerns.
Solana’s meteoric rise to the $100 mark and beyond is a testament to its robust ecosystem and the unwavering confidence of its investors. Despite facing criticism and concerns, SOL has demonstrated remarkable resilience and growth. Its impressive performance against other cryptocurrencies and the resurgence of interest in its platform indicate a promising future. As the crypto market continues to evolve, Solana’s journey will be one to watch closely. The story of Solana is a clear indication of the dynamic and ever-evolving nature of the cryptocurrency market.