Solana hits new all-time high, overtaking Ripple's capitalization
Solana hit a new all-time high following the rise of the main cryptocurrency in the market. The bullish momentum on the SOL network has been on the rise since last week when Bitcoin broke its all-time high.
One of Ethereum's main rivals, Solana, not only saw more than 36% growth this week and 57% growth in the last 30 days but also managed to surpass $218.73, according to CoinMarketCap, reaching the new ATH. The previous step for Solana was the $210 level in September of this year, after which the coin retreated for a short time, dropping the indicators to $130 along with the entry of the rest of the CoinMarketCap TOP into the red zone.
To date, SOL has become one of the best-selling tokens on centralized exchanges, and most of its buyers have purchased their coins on the largest marketplaces Binance and Coinbase. Thanks to the surge in quotes, the token managed to overcome its new price peak, increasing its market capitalization to $63.9 billion and displacing Ripple (XRP) from the sixth position in the top ten CoinMarketCap.
Over the past three months, activity on the SOL network has increased markedly as decentralized financial protocols allowing lending, lending, and trading to individual investors have also increased. Thus, another peak for Solana, according to DeFiLlama, was the renewed amount of blocked funds $13.9 billion. The most profitable in terms of TVL was the AMM protocol called Saber, which contributed $2.05 billion to the liquidity pool. Among others, it is worth remembering, for example, Raydium with $1.91 billion and Sunny with over $1.73 billion.
Some have also linked these growth rates to the rise of NFTs built on the SOL blockchain. So, last Friday, the "cubic" NFT Tungsten based on Solana managed to raise about $100,000 in favor of the Coin Center.
According to Delphi Digital researcher Ashwat Balakrishnan, cryptocurrencies like Solana work on the principle of memetics. In other words, the more people buy them, the more attentively other investors look at these tokens, transferring some of the already existing crypto-assets into the SOL equivalent, or purchasing them on the exchange from scratch.
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