Solana (SOL) Surges to New Yearly Highs, Outperforming Other Cryptocurrencies
Solana (SOL), the native cryptocurrency of the Solana blockchain, has surged by 15% in the past 24 hours, reaching a new yearly high at $72.88.
Solana has outperformed all other digital currencies, increasing by approximately 426.4% over the past year, according to data.
Notably, SOL has been the only major cryptocurrency that has come close to such a strong surge so far this year. SOL holders have seen significant profits across multiple time frames and may continue to do so as the price of Solana reaches $72.
The temporary pause in Bitcoin’s (BTC) rise on Thursday has shed light on major cryptocurrencies like Solana (SOL), which jumped to a new 19-month high.
The price of Solana (SOL) has risen to over $72 in three days, the highest level since May 2022, after a three-week consolidation following its local peak in mid-November.
In a tweet, Arthur Hayes, the co-founder of BitMex, hinted at a price target of $100, expecting a positive weekend for alternative coins.
Solana’s outstanding performance has led to a significant increase in its market value. At the time of writing this report, Solana ranks as the sixth-largest cryptocurrency asset by market capitalization, with a total market value of over $30.449 billion.
With an ecosystem for decentralized applications and smart contracts, including NFTs and fungible tokens, Solana’s core library standards (SPL) are used to create smart contract tokens known as SPL tokens or “Solana distinctive tokens.”
READ MORE Solana's Recent Price Dip: A Potential Opportunity for Investors
SOL has risen by 13.61% in the past 24 hours to reach $71.45 at the time of writing this report. Solana’s 24-hour trading volume has increased by 97.62% to reach $4.08 billion, with 57.54 million SOL in circulation.
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