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.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.


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