Crypto News

Solana’s Spectacular Surge: SOL Breaks $110 Mark, Continues Remarkable Rally

Solana's native cryptocurrency, SOL, has achieved an impressive milestone by surpassing the $110 mark

SOL, Solana’s native cryptocurrency, has begun an impressive ascent, breaking through the $110 barrier, demonstrating resilience, and sustaining a remarkable three-week climb.

This surge coincides with the overall industry recovery and increased meme coin activity, which contributes to Solana’s growing acceptance.

  1. SOL’s Remarkable Surge:
    • SOL’s price has surged, reaching heights not witnessed since the eve of Terra’s significant downturn a year and a half ago.
    • This surge aligns with a noticeable increase in meme coin activity, contributing to Solana’s growing acceptance and allure.
  2. Stellar Six-Month Performance:
    • Over the past six months, Solana has delivered an extraordinary 400% rally, firmly establishing itself as one of the standout performers in the cryptocurrency realm.
  3. Current Price Dynamics:
    • As of the latest data from CoinMarketCap, SOL is navigating the $110–$117 range, boasting a 21% increase over the past seven days and maintaining a robust 60% surge over the last week.
  4. Industry-wide Crypto Rebound:
    • The current uptick in Solana’s value is attributed to the overall recovery in the cryptocurrency industry.
    • A substantial 40% increase in the token’s total market capitalization signals renewed investor confidence and interest in the digital asset space.
  5. Locked Value on Solana Applications:
    • Simultaneously, the total value of tokens locked on Solana applications has witnessed a significant uptick, reaching levels last seen in July 2022, rallying from $400 million in November to an impressive $1.3 billion.
  6. Year-to-Date Gains and TVL Surge:
    • SOL’s year-to-date gains have surged to over 830%, with the majority of this remarkable growth occurring in the past two months.
    • The Total Value Locked (TVL) on the Solana network hasn’t reached this pinnacle since October 2022.
  7. Frenetic Trade and On-Chain Activity:
    • The recent price action on Sunday marked the culmination of weeks of frenzied trade, briefly propelling the Solana blockchain to the forefront of on-chain activity.
    • According to DefiLlama, decentralized exchanges on Solana are approaching trading volumes reminiscent of Uniswap, reaching billions of dollars.
  8. Surge in Network Demand:
    • December has witnessed a substantial increase in demand for the Solana network, with the daily count of active addresses hitting a year-to-date high of 1.26 million on December 18, highlighting a surge in network activity.

Roland is a Public Relations & Communications guru with an immense passion for the blockchain and crypto industry. A fusion of his expertise and passion led to the dawn of Optimisus in 2020.