Over the past few weeks, the cryptocurrency market has witnessed a remarkable phenomenon: the meteoric rise of Solana. The platform’s native digital currency surpassed the US$110 mark, reaching an impressive peak on Sunday morning, in a moment that many analysts consider to be a robust demonstration of resilience and recovery.
The price of SOL has reached levels not seen since before the collapse of Terra approximately a year and a half ago. This appreciation accompanies a significant increase in the activity of meme coins in the cryptocurrency universe, contributing to greater acceptance and interest in the Solana platform.
In this context, Solana stood out with an impressive 400% rally, marking a renaissance in the crypto market. Currently, according to market data, SOL fluctuates between US$ 110 and US$ 117, showing a growth of 21% in the last week and a notable increase of 60% in the previous week.
The current surge in Solana’s valuation is not an isolated phenomenon, but rather part of a widespread recovery trend in the cryptocurrency industry. A significant increase in market capitalization and a reinvigoration in overall market sentiment are observed, boosting the digital asset sector.
The market capitalization of the SOL token grew by 40%, a clear indication of investors’ renewed interest and confidence in the digital asset market. At the same time, the total value of tokens locked in Solana-based applications also saw an increase, reaching $1.3 billion, a notable jump from the $400 million recorded in November.
Furthermore, SOL’s year-to-date earnings have exceeded 830%, with the majority of this growth occurring in the last two months. The network’s Total Value Locked (TVL) last reached this level in October 2022.
On the on-chain scene, Sunday’s price action capped weeks of intense trading, elevating the Solana blockchain to the top of the network’s activity. Reports from DefiLlama show that decentralized exchanges on Solana are rivaling Uniswap’s trading volumes, reaching billions of dollars.
A significant increase in demand for the Solana network was observed, with the daily active address count reaching an annual peak of 1.26 million on December 18. As interest in Solana grows, attracting developers and investors, the blockchain’s vibrant ecosystem and its position as a hub of speculation are expected to propel SOL towards the desired $120 level.
The intertwining of growing activity in the Solana ecosystem and increased speculative interest in the cryptocurrency market suggests a continued upward trajectory for SOL’s value.
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