Over the past 24 hours, Solana Token (SOL) has rocked the cryptocurrency market with a stunning performance, surging over $4.8 billion in market capitalization, pushing the market capitalization to over the $37 billion milestone.
The surge propelled SOL into the fifth-largest crypto market token position, surpassing established players like XRP, according to CoinMarketCap.
Solana’s victory isn’t limited to the cryptocurrency space, however. The purple and green blockchain has surpassed industry giants such as Spotify and Electronic Arts in terms of valuation, and if cryptocurrencies were included in traditional industry rankings, it would rank among the 500 largest companies in the world.
SOL's surge in market capitalization can be attributed to the renewed rise in its quotes. Despite already seeing a remarkable 250% growth since mid-October, SOL has achieved another remarkable performance with a 21% price increase over the past week.
Many market watchers had expected the market to move toward undervalued assets, but Solana's resilience and continued double-digit growth have been eye-popping.
Can Solana (SOL) Rise to $100?
As of now, SOL is trading above $86 per coin, sparking bullish predictions from influential figures in the crypto space such as Arthur Hayes. Hayes and others are eager to predict that Solana will soon cross the $100 price threshold.
It's time to hop on the SOL train.
Solana's resilience and continued growth defied traditional market expectations, although uncertainty remains over whether it will be able to achieve the triple-digit price forecast.
What is certain, however, is that Solana’s recovery in 2023 after the challenges of the previous year is set to etch its name in the history of the crypto market.
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