Solana’s market cap surges by over 14%, reaching a 19-month high of $85

Solana, the blockchain sensation, is making headlines in the cryptocurrency market due to its exceptional performance.

Within 24 hours, the native SOL token increased by 14%, reaching a remarkable nineteen-month high of $85. This surge not only increased Solana’s market capitalization by over 14% but also secured its place among the top five cryptos, with a current valuation of $36 billion, surpassing XRP.

The increase in SOL’s price was not the only notable factor; trading volume also increased significantly, increasing by 115%. Solana’s rise began in early December when it broke through a long-standing resistance level at $68.

Despite minor volatility in the weeks that followed, bullish trends prevailed, fueled primarily by increased demand following the release of Solana Saga smartphones.

Crypto enthusiasts rushed to buy these devices, enticed by an airdrop of the popular BONK meme coins, far outweighing the hardware’s value.

Surprisingly, despite being labeled the “worst phone of 2023” by renowned tech reviewer Marques Brownlee (MKBHD), the Solana Saga phones continue to sell well, particularly in the United States and the United Kingdom.

This emphasizes the insatiable demand generated by the airdrop incentive.

Solana passed Ethereum in decentralized exchange (DEX) volume for the first time, highlighting its growing prominence in the crypto ecosystem.

Furthermore, the total value locked (TVL) in the Solana network has risen to its highest level since November 2022, indicating a significant recovery from the FTX exchange’s demise.