As the end of 2023 approaches and optimism returns to the cryptocurrency sector, some tokens, including Solana (SOL), have recorded more impressive results than others, both recently and since the beginning of the year, with a price increase of over 780%.
The Momentum of Growth in Solana
Overall, Solana’s current price at the time of writing stands at $85.51, reflecting a tremendous increase of 782% in its graph since the beginning of the year. Additionally, according to the latest information obtained on December 21, this represents the peak of steady growth over the last two months. Moreover, by adding as much as $4 billion to its market value in a short period of 24 hours, it has displaced XRP from its position as the fifth-largest cryptocurrency by this measure.
Another indicator of the rise is the amount of tokenized assets on Solana’s blockchain, according to the latest information from decentralized finance (DeFi), which has reached a tremendous increase in total value locked (TVL) of $1.21 billion at the time of writing. Currently, Solana is trading at $86.76. This indicates an increase of 13.1% in the last 24 hours, in addition to gaining 21.49% over the previous seven days and rising up to 54.42% on the monthly chart.
Analyst Commentary on SOL
As a result, Solana (SOL) has exhibited a remarkable performance in the cryptocurrency market in 2023, gaining over 780% in value. It has risen from $85.51 at the beginning of the year to $86.76. The growth on the DeFi side has increased the total value of tokens on Solana’s blockchain to $1.21 billion. Analysts predict that SOL’s short-term rise could continue, potentially reaching $100. According to analysts, Solana appears ready to continue its growth in the near future, possibly even reaching $100. Especially since cryptocurrency expert Ali Martinez had predicted earlier this month that following a successful close above $68, the rise could go up to $90.
