Solana’s native token, SOL, has witnessed a remarkable surge, crossing the $100 milestone, marking a significant resurgence since Terra’s setback 18 months ago. This surge has propelled Solana’s market capitalization to an impressive $40.2 billion, overtaking XRP and securing the fifth position, with BNB’s position in the rankings now under threat.
Recently SOL Price has seen an extraordinary upward trend in 2023, surging 10X and exhibiting a remarkable 70% spike in December alone. This surge brought heightened attention to Solana, making it a focal point in cryptocurrency. This surge in value has not only raised SOL’s market capitalization but has also accelerated on-chain activities, with Solana’s decentralized exchanges inching closer to Uniswap’s trading volumes.
The Tip-Off Point: Can Sol Break Above the $100 Mark?
The buzz around Solana has been primarily attributed to the excitement surrounding meme coins and airdrops. These factors have significantly contributed to Solana’s growing user base and reinforced its fundamentals, setting it apart in the ever-evolving crypto space.
From its trading point at roughly $17.5 in mid-September, SOL has experienced an exceptional 466% surge in just 100 days, reaching a yearly high of $99.5. This bullish rally has been fueled by significant transactions, a rise in coin holders, and the popularity of meme coins like BONK, alongside the unveiling of the Solana Saga phone.
The SOL price is poised for a potential surge towards $105 if bulls succeed, but bears could drive it down to $90 or even lower levels like $79.95 in the near term. A trend reversal might see SOL testing lows of $70 by year-end. Despite reaching $92.59 and facing resistance near the $100 mark, SOL’s bullish momentum remains robust. This surge signifies a promising trajectory for Solana as it vies for higher market positions, underlining its potential to make significant strides in the crypto market.