With a spectacular comeback, Solana (SOL) has risen above the others once more in the wild world of cryptocurrencies, rising by more than 8% and holding onto its desired $100 milestone. This follows a temporary decline in value of the token of 16.3%, from $121.44 to $97.33, which raised fears and even led to premature obituaries in the cryptocurrency world.
In spite of the previous loss, SOL quickly recovered to be in the triple digits and even demonstrated a noteworthy $7 gain above the psychological $100 barrier. The resiliency of cryptocurrencies has amazed market players and sparked new conversations about their bright prospects.
Not only has Solana taken back the top spot in the cryptocurrency market in the previous day, but it has also caused investors who liquidated their positions to suffer large losses. Those who were bullish during the roller coaster ride seen their long bets plummet by an incredible $10.32 million. Conversely, bears were also not immune to the recent upswing, as short bets valued at $8.43 million were liquidated.
With a market valuation of an astounding $46.21 billion, Solana is still the fifth-largest cryptocurrency, which is evidence of its continued appeal. Its market valuation has increased by an astounding $4 billion in the previous day alone, demonstrating the size of the current price boom.
Every investor’s first concern as the new year approaches is whether Solana can maintain its strong trend into 2024. With the new year rapidly approaching, all eyes are on SOL, eager to see if it can sustain its incredible trajectory.
