TL;DR
- Solana (SOL), a high-performance cryptocurrency, has seen a significant surge of 6% within a single day, resulting in a staggering gain of $2 billion.
- Solana’s market capitalization has risen from $41.79 billion to $44.17 billion within 24 hours, accruing as much as $2.38 billion.
- The significant increase in Solana’s market cap and price aligns with a surge in its network activity. In January, the transaction volume on its network reached a multi-year peak of $1 trillion.
Solana (SOL), a high-performance cryptocurrency, has seen a significant surge of 6% within a single day. This impressive rally has resulted in a staggering gain of $2 billion, leaving market spectators and investors intrigued about the factors propelling this surge.
Today, Solana (SOL) is demonstrating a strong upward trend, marking a significant recovery from its previous market downturns. Data from CoinMarketCap reveals that Solana is currently trading at $99.16, reflecting a 3.40% increase in the last 24 hours. Given the current market conditions, the digital currency has experienced a substantial rise of over 15% in the past week.
Solana’s trajectory has experienced considerable fluctuations, with the coin previously trading at a low of $79.07 amidst a bearish market sentiment a few weeks ago. Despite the distressing sell-offs during that period, numerous Solana supporters, including Raoul Pal, contended that while Solana’s upward trend might be postponed, it is inevitable.
Solana’s Network Witnesses Unprecedented Activity Levels in January
Furthermore, Solana has notably attracted more than $2 billion in a single day. To be precise, Solana’s market capitalization has risen from $41.79 billion to $44.17 billion within 24 hours. This implies that it has accrued as much as $2.38 billion, marking a growth of 6.5% during this period, based on the latest data retrieved on February 2.
Interestingly, Solana’s significant increase in market cap and price aligns with a surge in its network activity. In January, the transaction volume on its network reached a multi-year peak of $1 trillion, marking a 30% growth since December. This level of activity has not been observed since September 2022, according to the most recent data.
Moreover, the number of addresses registered on its blockchain surpassed 10 million in January, the highest since May 2022 when the Solana network had 11.72 million crypto wallets. This indicates a rising interest and engagement in Solana.
Additionally, Solana, often referred to as the ‘Ethereum killer’, has made headlines for surpassing Ethereum (ETH) in terms of 24-hour decentralized exchange (DEX) volume. It recorded a weekly volume growth of 15.34%. On the other hand, its primary competitor, Ethereum, experienced a decrease of 12.44%.
