Solana's Market Triumph
Over the weekend, Solana's token, solana (SOL), achieved a significant milestone by surpassing the $100 mark. This achievement comes after a week of exceptional growth, with SOL's value increasing by more than 36% against the U.S. dollar. Investor sentiment towards SOL has remained overwhelmingly positive throughout the year, and it has gained even more attention following the conviction of ex-FTX chief Sam Bankman-Fried on multiple charges on November 2, 2023.
SOL has shown remarkable growth, escalating by an impressive 764% relative to the U.S. dollar in the previous year. It breached the $100 milestone on December 23, 2023, reaching a price point that hasn't been seen since April 2022. With a market capitalization surpassing BNB, SOL now stands as the fourth-largest cryptocurrency. Currently valued at $102 per coin, SOL's market value amounts to approximately $43.58 billion. On Saturday, its daily trading fluctuation ranged from $93 to $104.
Continued Growth and Trading Volume
Over the past month, SOL has experienced a remarkable increase of over 80%, with a nearly 38% rise in the past two weeks alone. In the last 24 hours, SOL has seen a 6.6% increase, contributing to its overall 36% growth against the dollar over the week. Solana's global trade volume over the weekend reached $3.26 billion, positioning it as the fifth-largest trade volume in the market. Tether (USDT) is currently the top trading pair for SOL, followed closely by USD, KRW, BTC, EUR, and the stablecoin FDUSD.
In South Korea, SOL has garnered significant attention, accounting for 6.69% of its 24-hour global trading volume. The cryptocurrency experiences a "Kimchi premium" in the country, with prices trading at $106.80 on Upbit and $106.95 on Bithumb, over 4% higher than the global average of $103. Despite the offloading of SOL tokens by FTX's bankruptcy estate, the enthusiasm for SOL remains strong. Additionally, a portion of Solana tokens from FTX's bankruptcy is vested or locked for an extended duration.
The Future of Solana
Following Sam Bankman-Fried's conviction on November 2, 2023, SOL's value saw a significant jump from $40 to $56.67 within a week. The Solana ecosystem itself is also expanding, with the total value locked (TVL) in Solana's network starting to recover after a decline. This recovery indicates a resurgence of interest and confidence in the platform. Furthermore, sales of Solana-based non-fungible tokens (NFTs) have surged, surpassing Ethereum and ranking second only to Bitcoin-centric NFT sales in the past week.
While SOL has gained considerable support, there are still skeptics. One prominent critic, "Defi Made Here" (DMH), with 36,600 followers, has chosen to steer clear of SOL due to concerns such as its connection to Sam/Alameda/FTX, its unreliable bridges, and allegations of market manipulation. However, despite the divided opinions within the crypto community, market-driven data suggests a bullish trend for SOL in the future. As the narrative of this dynamic digital asset continues to evolve, the mix of hope, caution, and tangible metrics will shape its future path. Although SOL surpassed $100 on Saturday, it is still down 60% from its all-time high of $259 recorded on November 6, 2021.
What are your thoughts on Solana surpassing the $100 mark? Share your opinions and insights in the comments section below.
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How To
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