In the world of cryptocurrencies, where every day brings new surprises, Solana (SOL) has recently gained significance, surpassing XRP in terms of market capitalization. Let’s take a closer look at what’s behind this impressive increase in the value of SOL, which has become the fourth-largest cryptocurrency, excluding stablecoins.
Solana, characterized by innovation and dynamic development, has surprised the cryptocurrency market. On December 20th, SOL reached a value of 97 dollars, an increase of 13.8%, and the highest price since May 2022. This rise has led analysts to ponder whether Solana could threaten the dominance of Ethereum, especially since it offers faster and cheaper transactions.
A key factor contributing to the rise of Solana is its availability on mobile devices and low transaction costs, attracting new users. The platform has become popular particularly in the context of token launches and NFTs, thereby quickly gaining value.
The increase in the value of SOL is also supported by successes in launching SPL tokens (Solana Program Library). An interesting phenomenon was the airdrop of the JITO token, which gained significant popularity following its debut on the Coinbase and Binance exchanges, contributing to the increased demand for other tokens on the Solana network.
The increase in the value of SOL is not limited to individual events. The Solana network has seen a significant increase in decentralized applications (DApps). According to DefiLlama, the total value locked (TVL) in Solana increased by 96% to 1.28 billion dollars, indicating its growing popularity.
The market notices that Solana is attracting more and more projects and users, which may strengthen its position in the DApps market in the longer term. An example is the support for Solana announced by Trezor, as well as an optimistic report by Binance Research on parallel computing, in which Solana is highlighted.
The rise in the value of SOL seems to be balanced and not based solely on short-term market phenomena. In the context of current trends and increasing activity on the Solana network, achieving a value of 100 dollars per SOL seems realistic. Ultimately, competitive networks experienced downtime due to increased activity, while Solana managed to meet the growing demand without major interruptions, further strengthening its position in the market.
