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Solana’s (SOL) explosive growth of over 30% in just one week has reached a 23-month high. This impressive rally has sparked confidence and curiosity within the cryptocurrency community, leading to a closer examination of the factors driving Solana’s recent surge.
Explosive Rally in Solana
As of March 3rd, SOL has shown an impressive increase of 34.2% over the last seven days, trading at $130.69. Despite being the fifth-largest cryptocurrency, Solana is closing in on its competitor BNB. This surge raises questions about the sustainability of this momentum and whether Solana can continue to outpace its rivals. Several factors could contribute to Solana’s recent rise, including the performance of Solana-based meme tokens such as BONK and WIF, which are drawing more attention to the crypto network.
BONK price has increased by 115% over the past week, while WIF recorded an impressive rise of 268%. Experts are examining Solana’s total value locked (TVL) in smart contracts to determine the sustainability of SOL’s increase. Since SOL plays a significant role in decentralized applications (DApps), a higher TVL could indicate increased user interaction with and demand for Solana-based DApps.
Current Data on Solana
Data from Solana may show that the TVL is at its highest level since November 2022. Solana’s strong presence in the NFT market sets it apart from its competitors. With a weekly volume of $7.9 billion, Solana’s dominance in the NFT space is clear and could potentially attract a broader user base, contributing to its overall benefit. However, despite Solana’s recent impressive rise, the cryptocurrency market continues to be dynamic and subject to various influences.
Market conditions, sentiment shifts, and fundamental indicators could likely indicate that Solana will continue to outperform its rivals in March. Can the popular altcoin Solana maintain its momentum in the constantly changing crypto environment? Whether Solana’s rise is a short-term phenomenon or the beginning of a sustained upward trend may likely be determined in the coming days.
