The native cryptocurrency of Solana continued a spectacular climb that has already lasted three weeks by breaking beyond the $110 mark on Sunday morning. This is a strong demonstration of resilience.
The price of SOL has surged, reaching a level not seen since the night before Terra collapsed a year and a half ago. This coincides with a substantial uptick in meme coin activity in the cryptocurrency space, which is helping to increase the platform’s acceptance and appeal.
As of this writing, Coingecko data indicates that SOL is holding a fluctuating position in the , up 21% over the past seven days and sustaining a strong 60% increase over the past week.
Part of the reason for the current increase in Solana’s value is the industry’s general rebound in cryptocurrency. A considerable rise in market capitalization and a revival of market sentiment have characterized the whole digital asset space’s upward trend.
SOL market cap currently at $48.296 billion. Chart:
The market capitalization of the token as a whole has increased by an astounding 40 percent, which suggests that investors are once again feeling confident and interested in the digital asset field.
Th applications also increased concurrently, reaching levels last seen in July 2022 with a rally to $1.3 billion from $400 million in November.
SOL’s year-to-date gains have reportedly increased to over 830% thanks to these factors, with the majority of the growth occurring in the last two months alone. The network’s TVL was last at this height in October 2022.
Solana TVL. Source: DefiLlama
Solana: On-Chain Triumph, $120 Target
The price action on Sunday brought an end to weeks of frenetic trade that had propelled the Solana blockchain to the top of the list for on-chain activity, at least momentarily. DefiLlama reports that decentralized exchanges located in Solana are getting close to Uniswap’s trading volumes, which amount to billions of dollars.
There has been a notable increase in demand for the network thus far this month. The chain’s daily count of active addresses reached a year-to-date high of 1.26 million on December 18, according to an evaluation of network activity.
Source: Artemis
As interest in Solana grows, attracting developers and investors alike, the blockchain’s thriving ecosystem and its function as a hub for speculation should soon boost SOL into the much-coveted $120 level.
The combination of increased activity in the Solana ecosystem and increased speculative interest in the cryptocurrency market provides a convincing story for the continuous increase in SOL’s value.
They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
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Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!
So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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SOL market cap currently at $48.296 billion. Chart:
