🔥➡️Solana surpasses Ripple in market cap: what's behind the price surge?

The cryptocurrency landscape is experiencing a turning point thanks to Solana (SOL) which has overtaken XRP to fifth place in the market capitalization ranking according to CoinMarketCap data.

✅➡️The price of SOL recorded a notable increase, reaching its 2023 high with a value above $87. In this article, we will explore the reasons behind this rally, while also analyzing the interesting dynamic linked to Solana's Saga phone, which immediately sold out.

📈✅The impetuous rise of SOL

On December 20, Solana's native token, SOL, surged 13.8%, surpassing the $82 mark for the first time since May 2022. This rapid growth of 33.5% over the past two weeks allowed SOL to surpass XRP in terms of market capitalization, positioning itself as the fifth largest cryptocurrency by market cap.

➡️There are many reasons behind this price surge. First, the increased activity of the Solana network has helped boost investor confidence. The clock on decentralized application (DApp) activity on the Solana network has ticked up significantly, highlighted by the total value locked (TVL) rising from $654 million to $1.28 billion in just three weeks, the which represents a 96% increase, according to data from DefiLlama.