Skip to content

Solana Skyrockets Beyond $100 Following Staggering 764% Yearly Growth

Celebrating Solana’s Unprecedented Milestone

Defying significant challenges, Solana’s native cryptocurrency, SOL, has crossed the remarkable $100 mark on a Saturday. The accomplishment signifies a weekly growth of over 36% against U.S. dollar. Over the year, SOL has reportedly maintained a favorable market position, which remains intact even following the guilty verdict of former FTX boss, Sam Bankman-Fried, in November 2023.

Fuel For Solana’s Market Surge

In the past one year, SOL has soared by a whopping 764% compared to the U.S. dollar, soaring past $100 on December 23, 2023. This unprecedented high for SOL was unseen since April 2022, catapulting it past BNB as the fourth largest crypto by market capitalization. Currently valued at $103 per SOL, the digital currency’s market cap stands at an impressive $43.58 billion. On the eventful Saturday, SOL’s price fluctuated between $93 and $104.

Just within a month, SOL has shot up by a hefty 80%, displaying nearly 38% increase within two weeks. The past 24 hours saw a 6.6% ascent, consolidating over 36% growth against the dollar over the week. With a global trade volume of $3.26 billion in one day, Solana ranks fifth in trade volume over the weekend. Furthermore, SOL’s top trading pair today is Tether (USDT), followed by USD, KRW, BTC, EUR, and the stablecoin FDUSD.

Across the globe, South Korean Won contributed a significant 6.69% to the global trading volume of SOL within 24 hours. SOL was trading at a ‘Kimchi premium’ of $106.80 and $106.95 on South Korean exchanges, Upbit and Bithumb. This figure is over 4% higher than the global average of $103.

Strong Momentum Post Legal Proceedings

Following the conviction of Sam Bankman-Fried on November 2, 2023, SOL’s value jumped from $40 to $56.67 within a single week. Solana’s ecosystem is also seeing significant growth. The total value locked (TVL) in its infrastructure is rebounding, suggesting a resurgence in interest and confidence in the platform. Over the past week, Solana’s non-fungible tokens (NFTs) sales have spiked greatly.

Despite all the support, SOL does have its share of critics. According to one vociferous critic known as ‘DeFi Made Here’ (DMH), among other concerns, he kept a distance from SOL for it’s strong ties with Sam/Alameda/FTX and unreliable bridges.

As to what the future holds for Solana, it remains a mystery with the crypto community torn between optimism and critical caution. But, market data seems to favor SOL, indicating a possible bullish trend moving forward. Even though SOL crossed $100 on that Saturday, it remains far from its all-time high of $259 recorded on November 6, 2021.

Elevate Your Trading with Bitqt

For those who want to make the most of Solana’s growth, using a trading app like Bitqt can be pivotal. Bitqt is a cutting-edge trading app that offers users access to the world’s leading cryptocurrencies. It provides a seamless and intuitive platform enabling both newbies and veterans to maximize their trading prowess. Keep your fingers on the pulse of the most exciting market movements with Bitqt.

Frequently asked Questions

1. How has Solana managed to achieve such impressive yearly growth of 764%?

Solana has experienced such remarkable yearly growth primarily due to its advanced technology and unique features. Its high scalability and fast transaction speeds, thanks to the implementation of a revolutionary proof-of-history (PoH) consensus algorithm, have attracted many investors seeking a more efficient blockchain solution.

2. What are the main factors contributing to Solana’s rapid price increase beyond $100?

Several factors have contributed to Solana’s rapid price increase beyond $100. Firstly, its increasing adoption by various decentralized applications (dApps), NFT platforms, and other projects has fueled demand for its native token, SOL. Additionally, positive market sentiment, growing recognition within the crypto community, and successful partnerships have all played a significant role in driving up Solana’s price.

3. How does Solana compare to other popular cryptocurrencies in terms of performance?

In terms of performance, Solana has outpaced many popular cryptocurrencies. Its yearly growth of 764% has surpassed the growth rates of well-established coins like Bitcoin and Ethereum. Solana’s ability to handle thousands of transactions per second at low fees has made it an attractive alternative for users and developers alike, contributing to its impressive performance.

4. What potential risks should investors be aware of when considering Solana as an investment?

While Solana has shown significant growth and promise, investors should be aware of potential risks. One major risk is the volatility of the cryptocurrency market as a whole, which can lead to sudden price fluctuations. Additionally, regulatory uncertainties, potential security vulnerabilities, and competition from other blockchain platforms could affect Solana’s future growth and adoption.

5. Can Solana sustain its current growth trajectory in the long run?

While predicting the future is challenging, Solana’s ecosystem demonstrates strong potential for sustained growth. Its innovative technology, scalability, and expanding network of dApps and projects provide a solid foundation for long-term success. However, it is essential for Solana to maintain its competitive edge, adapt to changing market dynamics, and continue attracting users and developers for its growth trajectory to persist.

6. How does Solana’s growth impact the broader cryptocurrency market?

Solana’s impressive growth beyond $100 has captured the attention of the broader cryptocurrency market. Its success highlights the increasing demand for blockchain solutions that offer high scalability and low transaction costs. As more projects realize the benefits of Solana’s technology, it could pave the way for similar platforms to emerge, further driving innovation and growth within the overall cryptocurrency ecosystem.

7. What are the future prospects and potential applications for Solana?

Solana has a promising future with various potential applications. Its scalability and fast transaction speeds make it ideal for decentralized finance (DeFi) applications, gaming platforms, and NFT marketplaces. Additionally, Solana’s ability to handle complex smart contracts and support interoperability with other blockchains opens up opportunities for cross-chain integrations and collaborations. Overall, the future prospects for Solana appear bright, with numerous industries and sectors benefiting from its technology.