Crypto: Solana Crushes Bitcoin and Ethereum in Volumes and Soars to $115

The Solana blockchain has been in full euphoria for the past few days, with SOL surpassing $100 this weekend for the first time since April 2022. Driven by a record trading volume, Solana vastly outperforms Bitcoin and Ethereum.

Solana and the crypto comeback of the year

The Solana network continues to attract new users and investors. Over the last 24 hours, the spot trading volume of SOL/USDT reached an impressive $1.037 billion on Binance, surpassing that of Bitcoin and Ethereum.

Simultaneously, the volume of SOL futures contracts exploded to $4.7 billion on the platform, well beyond BTC and ETH. Solana thus confirms its position as the most traded crypto of the moment on Binance.

This frenzied enthusiasm for the decentralized network mechanically boosts the price of SOL, which has increased by over 25% in 24 hours to reach $115. The market capitalization is now flirting with $45 billion, which propels Solana to the 4th rank of cryptos, ahead of BNB.

Regained Trust

This spectacular rise attests to the renewed investor confidence in this ambitious project after a disastrous year in 2022. Let’s remember that SOL’s price had plummeted by more than 96% between its historical high of $260 in November 2021 and its June 2022 low.

The FTX debacle and the legal troubles of its former head Sam Bankman-Fried, an avid supporter of Solana, had then cast doubt on its viability. But since then, the resilience and vitality of Solana’s decentralized applications have burnished its reputation.

The resilience shown by Solana in recent months has proven the solidity of its fundamentals. Moreover, the enthusiasm for decentralized applications built on Solana continues to grow, as seen in the success of Play-to-Earn games like Star Atlas.

Solana also owes its success to the dynamism of its native token ecosystem. Viral coins like BONK and Dogewifhat (WIF) have been lighting up the network for the past few weeks. Last week, the weekly volume of DEX on Solana even eclipsed that of Ethereum for the first time!

Thus, despite still being highly volatile, the future seems brighter than ever for the “Ethereum killer” and its SOL token, now firmly anchored in the top 5 cryptos. It remains to be seen whether this spectacular rebound marks a true resurgence or is just another flash in the pan as the crypto-sphere has too often seen in the past.