The price of Solana (SOL) is witnessing a remarkable rise, hitting $214 this Sunday, its highest level since December 2021, representing a dizzying 2,500% increase since its post-FTX historical low.
Solana's Ascending Trajectory
Solana reached a new peak of $214 on major exchanges before stabilizing around $210. This performance comes at a particularly favorable time for the crypto market, highlighting market optimism and the network's technical advancements. SOL exhibits a 5% increase over the past 24 hours and an impressive 29% rise over the past week. For the month, the performance reaches 44% increase, confirming the strength of this upward trend. This surge is particularly noteworthy, given that Solana had hit a critical low of $8.30 at the end of 2022, following the collapse of FTX, closely tied to the project.
Comparison with Ethereum
A recent report from the hedge fund Syncracy Capital reveals that Solana has surpassed Ethereum in major economic indicators as of October 2024. The real economic value (REV) of Solana now represents 111% of Ethereum, up from just 1% the previous year. This performance is mainly attributed to the surge in activity on the Solana network, notably in the memecoin sector and decentralized applications. The Total Value Locked (TVL) has reached a two-year high, surpassing 42 million SOL by the end of October. The Solana ecosystem also stands out in decentralized infrastructure protocols, boasting nine blockchain "unicorns," such as Helium and Render.
Solana's Future
This spectacular resurgence of Solana, combined with its technological and economic achievements, now positions the blockchain as a serious competitor to Ethereum. With the upcoming Firedancer upgrade planned for 2025, Solana seems well on its way to solidifying its position among top cryptos.
Solana, with its impressive price surge and innovations, continues to reinforce its robust market position. Its ability to compete with leading platforms like Ethereum makes it a significant player in the blockchain arena.
