Over the past 24 hours, the Solana (SOL) cryptocurrency has risen to fourth place in terms of market capitalization, for the first time in more than two years. The market capitalization has exceeded the $41.8 billion mark, and the current value of SOL is more than $95, which represents an increase of 18% in one day.

According to CoinMarketCap, the last time Solana was ranked fourth was in November 2021, but then its market capitalization was $75 billion, while it was still inferior to Binance Coin (BNB), which had $108 billion in capitalization.

At the end of 2022, the SOL price was below $10, partly due to the connection with the defunct FTX exchange and former crypto billionaire Sam Bankman-Freed. However, during the year, Solana (SOL) reached almost $100, making it one of the most successful crypto assets that year.

It is also worth noting that according to Google Trends, the number of Solana-related search queries has almost reached the level of Ethereum-related queries in the United States.

On December 21, the Solana team presented its annual review of events, including the excitement around the BONK project, the launch of the Saga mobile device, the integration of artificial intelligence and partnerships with institutions.

Solana's growth is attributed to several factors, such as high transaction speeds, low fees, and the active development of an ecosystem that attracts both developers and investors. The scalability of the platform is also a strong argument for its future growth.

Interestingly, Arthur Hayes, the co-founder of BitMEX, switched from investing in Solana (SOL) to Ethereum (ETH) and expressed faith in the potential of Ethereum, predicting that its price could reach $5,000. This decision has caused controversy in the crypto community, given Solana's current success in the market. At the moment, the price of Ethereum has increased by 2.37% to $2,267.88, while Solana has risen by 15.48% to $97.55 and increased trading volume. Hayes' decision caused mixed reactions, but also raised questions about the future of both cryptocurrencies on the market.