The Solana token (SOL) has taken the cryptocurrency industry by surprise with a surge of over $4.8 billion in the previous day, pushing its market value beyond the $37 billion barrier.
According to data from CoinMarketCap, this spike has allowed SOL to take the fifth spot among crypto market tokens, following behind more known competitors like XRP.
However, Solana’s success goes well beyond the cryptocurrency space. If cryptocurrencies were included in conventional industry rankings, the purple and green blockchain would rank among the top 500 largest firms worldwide, surpassing industry heavyweights like Spotify and Electronic Arts in terms of worth.
One reason for the increase in SOL’s worth is the recent spike in its quotes. Even though SOL has had an incredible 250% increase in value since mid-October, it has surprised observers by rising 21% in the last week alone.
A lot of market watchers were expecting a move towards cheap assets, so they were shocked by Solana’s tenacity and steady double-digit growth.
Solana (SOL) to $100?
Right now, SOL is trading over $86 per token, which has led prominent cryptocurrency analysts like Arthur Hayes to forecast positive things. Hayes and others are predicting with great fervour that Solana will cross the triple-digit price barrier shortly.
https://x.com/CryptoHayes/status/1737485524581908731?s=20
Solana’s tenacity and steady rise surpass traditional market assumptions, and it’s unclear if it will really reach the anticipated triple-digit prices.
What is clear, though, is that Solana is going to make history in the cryptocurrency market with its comeback in 2023, coming off of a difficult year.
