On Saturday, Solana (SOL), the token of smart contract platform Solana, surpassed the $100 threshold and achieved weekly growth of over 36% against the US dollar. Investor sentiment for Solana (SOL) has strengthened since former FTX CEO Sam Bankman-Fried was found guilty on multiple charges on November 2, 2023, and Solana (SOL) has remained strong throughout the year. ), investor sentiment was overwhelmingly positive.
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Solana’s Mayoral Victory
In the past year, Solana (SOL) has seen an impressive gain of 764% against the US dollar, surpassing the $100 milestone on December 23, 2023. This price range for SOL has been unprecedented since April 2022, when the cryptocurrency overtook BNB. It becomes the fourth largest company by market capitalization. Currently selling at a price of $102 per coin, SOL boasts a market cap of approximately $43.58 billion. On Saturday, the coin’s daily trading range was between $93 and $104.
Over the past month, SOL has seen an increase exceeding 80%, with an increase of nearly 38% in the past two weeks alone. SOL is up 6.6% in the last 24 hours and is up more than 36% against the dollar for the week. With a global trading volume of $3.26 billion in 24 hours, Solana had the 5th highest trading volume this weekend. Tether (USDT) currently leads as the top trading pair on SOL, followed by USD, KRW, BTC, EUR, and the stablecoin FDUSD.
The Korean Won’s share of SOL’s 24-hour global trading volume this weekend is 6.69%. In Korea, Solana is experiencing a ‘kimchi premium’, trading at $106.80 on Upbit and $106.95 on Bithumb, which is more than 4% higher than the global average of $103. Despite the sale of SOL tokens by FTX Bankruptcy, enthusiasm for SOL has not waned. Additionally, a portion of Solana tokens resulting from the FTX bankruptcy will be vested or locked for a long period of time.
After Sam Bankman-Fried was found guilty on November 2, 2023, the value of SOL soared from $40 to $56.67 in a week. The Solana ecosystem itself is experiencing significant expansion. The total value locked (TVL) of the Solana network, which had previously been declining, is starting to recover, indicating a resurgence of interest and trust in the platform. Sales of Solana-based non-fungible tokens (NFTs) have surged significantly, recently surpassing Ethereum and ranking second last week behind Bitcoin-centric NFT sales.
Despite recent support, not everyone supports Solana (SOL). A critic who goes by the name “Defi Made Here” (DMH) and his 36,600 followers said he was “connected to Sam/Alameda/FTX and all the coins were Sam coins by default and were filled immediately.” He stated that he avoided SOL for various reasons. “When I bought Sam coins on FTX, they weren’t filled when I sold them, and the chain would go off and on every week, which I later found out was due to Sam liquidating people and the unreliable bridge.”
With the cryptocurrency community divided between optimistic and skeptical, the future of Solana remains to be seen. Despite the uncertainty, hard market-driven data is favorably slanted, suggesting a bullish trend for SOL going forward. As the cryptocurrency world watches, a mix of hope, caution, and real metrics continues to shape the story of this dynamic digital asset. Despite surpassing $100 on Saturday, SOL is still 60% below its all-time high of $259 hit on November 6, 2021.
What do you think about Solana surpassing $100 per coin on Saturday? Share your thoughts and opinions on this topic in the comments section below.
Source: Bitcoin.com