On December 23, 2023, Solana (SOL) broke the $100 barrier after a long gap since April 2022.
By doing so, Solana has become the 5th largest crypto coin based on a market share of $41.87 billion.
Data from MarketWatch reveals that SOL saw a 52% increase in just 1 month and a huge 774% increase in January this year.
Altcoins like Avalance (AVAX), Helium (HNT), and Stacks (STX) have also seen a good increase in valuation this year.
Yes, of course, the biggest crypto coin by market, ‘Bitcoin’, saw a stable year where it mostly fluctuated between the $20,000 and $30,000 range and even crossed the $40,000 mark.
Why is Solana Getting Center Stage?
- Scalability: Solana uses proof-of-history as well as proof-of-stake mechanisms to facilitate the smooth flow of the transactions.
- Transaction Cost: With only a $0.00025 average transaction cost (up until December 2023), Solana offers the lowest transaction cost.
- Ecosystem: Solana features a diverse world of decentralized applications, NFTs, and innovative projects that are powered by the secure Solana network
- Active Community: A passionate and knowledgeable community that helps new users understand the ecosystem and share ideas.
Where did SOL See a Jump?
Solana is experiencing a bull market due to various factors:
- Green Ecosystem: New partnerships with Samsung, projects, and overall growth are attracting more and more investors.
- Crypto FOMO: The crypto market has mostly seen stability and growth in 2023.
- Mainnet Beta Launch: The recent soft launch of Solana Mainnet promises stability, scalability, and confidence among users.
- Investments: The capital of Solana got a boost because of recent investments from venture capital firms like a16z and Sequoia Capital.
Some upgrades could also have contributed to Solana’s jump, including names like Meow Coin (MEOW), Jupiter (JUP), and Bonkwifhat (BIF).
The Future of Solana
What the future holds remains to be seen, but the experts are divided on whether crypto might see a crash again, at the same time, data suggests that crypto, including Solana, will continue the momentum.
Greetings, I am Akriti Gupta, a dynamic content writer and skilled crypto & blockchain analyst, dedicated to staying ahead in the fast-evolving world of cryptocurrency. I have a passion for diving deep into over 1000+ crypto news updates daily, which helps me spot trends, uncover market insights, and deliver thorough analysis that empowers my audience to make informed decisions. My expertise lies in translating complex market movements into engaging, easy-to-understand content, making me a trusted voice for both novice and seasoned crypto enthusiasts. Through my unique blend of analytical skills and content creation, I strive to shape the future of digital finance, one article at a time.
