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Solana Surpasses $100 Mark for the First Time Since April 2022

In its ongoing upward trajectory, Solana exceeded the $100 threshold on Saturday, reaching a 20-month peak and outpacing recent gains observed in Bitcoin and Ethereum.


On Saturday afternoon, Solana experienced a breakthrough by surpassing the $100 mark for the first time in 20 months, marking a significant uptrend since April 2022 and contributing to a remarkable 770% gain compared to the same period last year.

As per data from CoinGecko, SOL demonstrated a 7% increase on the day, reaching a current price of nearly $105, after lingering below the $100 threshold in the preceding days. The cryptocurrency's recent achievements include overtaking XRP on Wednesday to claim the fifth position in market capitalization, followed by surpassing Binance Coin (BNB) late Thursday to secure the fourth position.

At present, Solana boasts a market capitalization of $45 billion. Notably, in the past week, the weekly transaction volume for decentralized exchanges (DEXs) on the Solana blockchain exceeded that of exchanges on its rival Ethereum for the first time. This surge was driven in part by the popularity of meme coins like BONK and Dogwifhat (WIF) on the Solana network.

During this week alone, WIF has seen an impressive surge of 298%, despite a nearly 27% dip from Friday's record-high price. The HNT token of Helium, a crypto-powered wireless network, has recorded a substantial 226% gain over the last 30 days, while the network's MOBILE token has experienced an extraordinary surge of 1,380% this month, attributed to the nationwide expansion of the Helium Mobile service.

Solana emerges as the top gainer in the past 24 hours among the top 10 cryptocurrencies by market capitalization, and its notable 39% increase over the past days sets it apart even within the top 100. Other notable performers this week include the OP token of Ethereum scaling network Optimism, witnessing a 57% rise, and Near Protocol's NEAR token, which has surged by 49%.

Image by Freepick


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