Solana’s native cryptocurrency SOL has been on an impressive upward streak for five days, surpassing the $110 mark on Sunday morning, and showcasing remarkable resilience. This surge in SOL’s price, hitting levels unseen since December 2020, coincides with a surge in meme coin activities within the crypto sphere, contributing to Solana’s growing popularity.
The initial month of 2023 ignited optimism amid a potential decline, and the following eight months (February to September) were characterized by consolidation, almost as if gathering the necessary momentum for upward momentum. Currently, SOL is fluctuating between $110 and $117, marking a robust 52.46% surge over the past seven days according to CoinMarketCap data.
The recent spike in Solana’s value aligns with the broader resurgence in the crypto sphere. The trading volume surge by a 152.20% within past 24 hours, signifies renewed investor confidence and interest in digital assets.
Solana’s SOL holds the 4th position in market capitalization, standing at $47.20 billion, significantly surpassing BNB, which lags far behind at $6 billion. On the other hand, token value locked (TVL), showing investors’ confidence, in Solana’s application has surged from $400 million in November to $1.48 billion, reaching levels unseen since July 2022.
Sunday’s surge in Solana price made the day frenzy momentarily, pushing Solana blockchain to the forefront of on-chain activity. The daily active address hitting 413,166 and a 15.16% surge in TVL underscored the heightened engagement and increased participation within the network during this period.
While the primary cryptocurrencies in the top spots grapple within the consolidation zone, Solana is steadily climbing for its fifth consecutive day. This consistent rise suggests that reaching the $120 milestone should be within Solana SOL’s reach, especially since it recently tested the $118 mark.
Developers, traders, and investors are increasingly drawn to Solana for its thriving ecosystem and reputation as a speculative hub, potentially driving SOL toward the $130 mark. However, ensuring SOL stays above $110 and monitoring the actions of major market players remain crucial for its trajectory.
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