February 27, 2024

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Solana rises above $117, meme craze expands momentum

Solana rises above $117, meme craze expands momentum

Homegrown cryptocurrency Solana continued its impressive three-week ascent by crossing the $110 mark on Sunday morning. This is strong evidence of flexibility.

The price of SOL soared, reaching a level not seen since the night before Terra collapsed a year and a half ago. This coincides with a significant increase in meme activity in the cryptocurrency space, helping to increase the platform's acceptance and appeal.

Solana Sorge: 400% surge sparks crypto renaissance

The wonderful The rise of Solana Over the past six months, it has been nothing short of amazing, as the cryptocurrency has seen a staggering 400% surge.

As of this writing, Coingecko data indicates that SOL maintains a volatile position in Price range $110-$117up 21% over the past seven days and maintaining a strong 60% increase over the past week.

Part of the reason for the current increase in Solana's value is the general recovery in the cryptocurrency industry. The surge in market capitalization and revival of market sentiment has characterized the upward trend of the entire digital assets space.

SOL market cap currently at $48.296 billion. Chart: TradingView.com

The market capitalization of the token as a whole has increased by a staggering 40 percent, indicating that investors are once again feeling confident and interested in the digital asset space.

yTotal value of tokens locked on Solana Orders also increased simultaneously, reaching levels last seen in July 2022 with a rise to $1.3 billion from $400 million in November.

SOL's year-to-date gains have reportedly increased to more than 830% thanks to these factors, with the majority of the growth occurring in the past two months alone. The network's TVL last reached this high in October 2022.

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Solana TVL. Source: DefiLlama

Solana: Series victory, $120 goal

Sunday's price action brought an end to weeks of frenetic trading that had pushed the Solana blockchain to the top of the list of on-chain activity, at least momentarily. DefiLlama reports that decentralized exchanges based on Solana are approaching Uniswap's trading volumes, which run into the billions of dollars.

There has been a noticeable increase in demand on the network so far this month. The daily number of active titles for the series reached a year-to-date high of 1.26 million on December 18, according to an assessment of network activity.

Source: Artemis

As interest in Solana grows, attracting developers and investors alike, the blockchain's thriving ecosystem and its function as a speculative hub would soon boost SOL to the much-coveted $120 level.

The combination of increased activity in the Solana ecosystem and increased speculative interest in the cryptocurrency market provides a compelling story for the continued increase in SOL's value.

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