Solana (SOL) is close to reaching ATH as a major problem is detected

In a remarkable week for the cryptocurrency market with Bitcoin (BTC) reaching the US$72,000 mark, the Solana (SOL) blockchain has once again attracted attention with its recent growth and approach to a notable milestone in its network.

The Solana ecosystem is close to reaching a meaningful frameworkwith its historical maximum market capitalization (ATH) approaching the US$80 billion mark.

However, the approach to the notable milestone may take a backseat to a community concern that has been attracting a lot of attention: the supply of Solana tokens was inflated by around 300 million to 443 million in a period that began in the last bull market.

However, this increase in supply could mean there are some far-reaching implications for the value of the Solana cryptocurrency and investor sentiment.

It is worth remembering that, at the beginning of the month, Solana managed to reach a record price that had not been seen since January 2022. On March 6, the cryptocurrency reached the value of US$140, driven in part by the historical performance of Bitcoin, which also recorded unprecedented highs. Solana managed to overcome this adversity and even surpass its previous peak, now trading at $144.45.

A surprising element in this scenario was Solana’s extraordinary trading volume, reaching US$9.5 billion in a single day. This peak of activity was only surpassed on three occasions in September 2021, driven at the time by the adoption of an NFT by a celebrity, which caused the cryptocurrency’s price to soar to almost US$200.

At the time of publication, the price of Solana was listed at US$170.96, up 11.0% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$7,424,218,835. In a recent development, the market’s fifth-largest asset has seen major gains, recording a 22.5% price increase over the past seven days.

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