The Solana (SOL) bulls are stampeding as the cryptocurrency just reached a price not seen since April 2022. The coin dubbed as Ethereum killer recaptured the $100 mark and it continues to gain traction as of the weekend leading to Christmas.
Solana a Day Before Christmas
As of this writing on Sunday morning, Solana gained around 20% on the 24-chart as it traded at $114. The trading volume of the crypto was also up by 56% as $5.88 billion worth of SOL moved in crypto exchanges. Meanwhile, the Volume/Market cap rate was at 12%, indicating the liquidity of the digital asset as it strode prices between a low of $94 and a high of $117 within the timeframe.
Zooming out the charts shows massive gains in the Solana economy. The weekly chart indicates 58% growth while the monthly numbers display nearly 100% uptick. On the yearly frame, SOL has recovered 908.76% of the prices it lost.
It should be noted though that Solana is still 56% short from its all-time high of $260 on November 7, 2021. So, can it maintain the $100 territory at this point and register another peak?
Solana Takes Over BNB’s Place
Solana just knocked off Ripple’s XRP as the fifth largest crypto by market cap before the weekend as it pumped above $86. Just when we thought that it would take a breather after, SOL’s pre-Christmas onslaught continued on Sunday as it dislodged Binance Coin (BNB) in the fourth place of the rankings when it went past the $100 barrier.
Solana’s sustained rally has taken its total market value to $48.96 billion, surpassing BNB’s $40.77 billion overall valuation. That’s already a far cry from XRP’s current $33.34 billion capitalization.
Why is SOL Pumping?
According to analysts, Solana’s soaring prices can be attributed to its surge in decentralized exchanges (DEX). The lower gas fees of the blockchain compared to Ethereum makes it an ideal platform for various projects, especially memecoins. The gradual distancing of SOL from the past controversies it was involved in also helped its cause.
Solana has positioned itself as a rising star in the smartphone industry as of late, too. Despite bagging criticisms over its Saga smartphone’s features, reports say demand for the unit is off the charts. This came after consumers found more value in its blockchain integration.
Initially, Solana had to sell the phone at a discount due to underwhelming sales figures. However, buyers flocked to purchase the device when they found that it had access to 30 million BONK airdrop.
BONK is a memecoin based on the Solana blockchain that has been soaring since November as it approached the anniversary of its launching this Christmas.