Solana Breaches USD 100 With Massive Growth This Year
The smart contract platform Solana’s token, Solana (SOL), breached the triple-digit USD 100 on Saturday, registering a weekly growth of more than 36% against the US dollar. Investor sentiment has consistently remained bullish for Solana (SOL) during the year, despite the conviction of former FTX chief Sam Bankman-Fried on multiple charges on November 2, 2023.
Solana Triumphs with 754% Growth
Solana (SOL) has registered an impressive growth of 764% in the US dollar, breaking the USD 100 milestone on December 23, 2023. This price level for SOL has been unprecedented since April 2022, and the cryptocurrency has overtaken BNB to become the fourth largest by market capitalization. SOL commands a market value of about USD 43.58 billion, currently priced at USD 103 per unit. The daily trading of SOL on Saturday varied from USD 93 to USD 104.
SOL has seen an increase exceeding 80% over the last month, registering a 38% rise in the past two weeks. SOL is up 6.6% in the past 24 hours, settling for more than 36% growth against the dollar over the week. Solana holds the fifth-largest trade volume this weekend, with a USD 3.26 billion global trade volume in 24 hours. Tether (USDT) is the top trading pair for SOL today, followed by USD, KRW, BTC, EUR, and the stablecoin FDUSD.
The Korean won amounts to 6.69% of SOL’s 24-hour global trading volume this weekend. Solana enjoys a ‘Kimchi premium,’ trading at USD 106.80 on Upbit and USD 106.95 on Bithumb in South Korea, more than 4% higher in comparison to the global average of USD 103. The support for SOL remains strong, despite the offloading of SOL tokens by FTX’s bankruptcy estate. Additionally, Solana tokens from FTX’s bankruptcy are vested or locked for an extended duration.
Notable Expansion in Solana Ecosystem
SOL’s value climbed from USD 40 to USD 56.67 within a week after the conviction of Bankman-Fried on November 2, 2023. The Solana ecosystem itself is experiencing notable expansion. The total value locked (TVL) in Solana has started to recover, indicating a resurgence of interest and confidence in the platform. The sales of Solana-based non-fungible tokens (NFTs) have surged significantly, surpassing Ethereum.
However, not everyone endorses Solana (SOL) due to the link with SBF. A critic with the handle “Defi Made Here” (DMH) and 36,600 followers revealed that he has steered clear of SOL for reasons being “connected to Sam, Alameda, and the FTX. The chain was switching 'off and on' every week and unreliable bridges,” among several concerns.
The crypto community stands between bullish optimism and skeptical caution about Solana. The data suggests a bullish trend in favor of SOL, despite the uncertainty. SOL breached USD 100 on Saturday, but is 60% down from it's all-time high recorded on November 6, 2021, at USD 259.
What is your take on Solana breaching USD 100 on Saturday? Please share your thoughts and opinions about this subject in the comments section below.
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