Solana Breaks 1 Year High: Surpasses XRP With MarketCap
Solana (SOL) hit a new high at $87.44, becoming the fifth-largest crypto, with a 13.82% rise in 24 hours and major growth since January.
Solana's price has surged, breaking the $80 mark and surpassing XRP to become the fifth-largest cryptocurrency. Its price reached $87.44, marking its highest level since May 2022. In the past 24 hours, SOL has risen by 13.82%, and its recent performance includes a 14.98% increase in 5 days and a significant 52% growth in a month.
SOL's rapid rise has sparked discussions about its potential to compete with Ethereum (ETH), given that it performs faster transactions and requires lower fees. The cryptocurrency has shown a remarkable 338% growth over three months and a 774% increase since January.
A key factor in Solana's growth is its expansion into mobile accessibility, making the platform more user-friendly. This enhancement is seen as crucial for attracting new users who prioritize ease of access over other technical aspects.
SOL's market cap has recently exceeded XRP's, surpassing a forecast that predicted Solana would reach an $80 value. Currently, at $87.44, SOL has outperformed expectations by over 6%.
Several factors contribute to SOL's price surge. The increased activity in decentralized applications (dApps) on Solana and a 96% growth in its total value locked are significant contributors. Solana's low fees, compared to other platforms like Ethereum, is also a reason why it seems to attract investors.
Expected updates, token launches, and airdrops for projects on Solana are also driving interest. The Bonk (BONK) meme coin's success on Solana, with a 1,000% rise in a month and listings on major exchanges, further boosted SOL's profile.
