Solana Market Cap Breaks 117 Billion: Can SOL Reach 400 Dollars?
Solana has been on fire lately. Let's talk about whether this momentum can push SOL above 400 dollars.
Solana's performance this year has been impressive, becoming a favorite for many. But can this momentum be maintained until 2025, allowing the SOL price to soar to 400 dollars?
Recent analysis shows that Solana is now the largest blockchain ecosystem by global traffic, in other words, the hottest blockchain network of 2024.
There are plenty of benefits, Solana's Total Value Locked (TVL) has returned to the peak of 2021, and on November 19, it even set a new high of 10.57 billion dollars! Moreover, TVL is still rising, now over 4.5 billion dollars. Sky Protocol's USDS stablecoin has also joined Solana, which means this growth momentum might continue.
Network liquidity and DeFi activities are surely going to increase, whether the SOL price can reach 400 dollars, we need to look at the current situation.
The current price of SOL is 237 dollars, think about it, just 12 months ago it was only 56 dollars, quite a rise.
In the second half of the year, especially in the last three months, SOL's surge and recovery have been quite robust. This is mainly due to real demand, with frequent activities on the network.
In August, the number of active addresses was less than 1 million daily, now it has skyrocketed to over 5.7 million. This indicates that demand for SOL is increasing, attracting more institutions and individuals.
Solana's ranking in cryptocurrency projects has also risen, now it is in fourth place, pushing down the BNB chain. The market cap has broken 117 billion dollars, and with some more push, it might even enter
the top three, surpassing USDT.
Looking at this momentum and the reasons behind it, the chances of SOL rising above 400 dollars are quite significant.
However, that said, nothing is absolute, and the market is unpredictable; other projects might become popular.
If SOL misses this wave, then the opportunity to reach 400 dollars might be slim.
This wave of correction will refine the true gold, finding a coin with strong backing that can rise against the trend, the next high-multiple target is its performance! Like and comment when it reaches 88 to reveal!
