The price of Solana (SOL) makes a spectacular rise, reaching $214 this Sunday, its highest level since December 2021. This exceptional performance represents a dizzying increase of 2,500% since its post-FTX historic low, driven by the optimism of the crypto market and the technical advances of the network.
A dizzying rise driven by market optimism
Solana reached a new high this Sunday at $214 on the main exchanges, before stabilizing around $210. This performance comes in a particularly favorable context for the entire crypto market, particularly stimulated by the recent American elections.
The figures speak for themselves: SOL shows an increase of 5% over the last 24 hours and an impressive increase of 29% over the past week. Over the month, performance reached 44%, according to data from CoinGeckoconfirming the solidity of this upward trend.
This revival is all the more remarkable given that Solana hit a critical low point at $8.30 at the end of 2022, following the collapse of FTX and the close ties the project had with Sam Bankman-Fried.
Solana now outperforms Ethereum on several key metrics
A recent report hedge fund Syncracy Capital reveals that Solana overtook Ethereum on major economic indicators in October 2024. Solana's real economic value (REV) is now 111% of Ethereum's, up from just 1% the previous year.
This performance can be explained in particular by the explosion of activity on the Solana network, particularly in the sector of memecoins and Decentralized Applications. Total Value Locked (TVL) reached a two-year high, surpassing SOL42 million at the end of October.
The Solana ecosystem has also distinguished itself in the field of decentralized infrastructure protocols (DePIN), now hosting nine blockchain “unicorns”, including Helium, Render, IoNET and Grass, demonstrating the growing diversification of its use cases .
This spectacular renaissance of Solana, combined with its technological and economic performance, now positions the blockchain as a serious competitor to Ethereum. With the Firedancer upgrade planned for 2025, Solana looks set to consolidate its position among the top cryptos.
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