Why Is Solana Cryptocurrency Surging? Find Out Now!
In the past 24 hours, Solana has been the biggest mover on cryptocurrency. According to Coinbase, Solana has surged more than 20% over the past day. After the bankruptcy of the empire of sam backman-fried on November 11, Solana was almost considered dead, and many crypto experts and industry gave up on it. Then why is Solana cryptocurrency surging? Solana comes back with a dramatic return this year.
Many investors said this coin would not survive after the fall of the FTX cryptocurrency exchange and Alameda research. However, in just the last seven days, more than 58% to $23.70 rise, according to CoinGecko. This month price of the SOL coin almost doubled, leaving every investor in shock. Here is what happened and further detail about Solana.
Why Is Solana Cryptocurrency Surging?
The question of why there is always a sudden rise and fall of Solana is almost impossible to answer. Because there is any mysterious ignition about Solana, some investors had also predicted that Solana might soon announce to burn all its tokens.
Because after burning all its coins, Solana will make all its remaining coins more valuable and scarce. However, there is also a chance that Solana will introduce smart contract features in the future to increase its value.
In Comparison To Other Coins, Where Does Solana Rank?
Solana is ranked eighth if we compare Solana with other coins like Ethereum, Bitcoin, and many others. It has a market cap of $35 billion. Bitcoin is number one because of its market cap of $879 billion. As well as Ethereum has a market cap of $398 billion, and it is number two. On the 8th rank, Solana is just behind dogecoin, with a market cap of $36 billion.
Is Solana A Competitor Of Bitcoin?
No doubt Bitcoin is one of the oldest cryptocurrencies, but Solana is the new technology that is no doubt superior to Bitcoin. There are many advantages of Solana that you can’t have from Bitcoin. One of the best advantage Solana give to its investors is Solana is scalable, which means it can allow you to have a large number of transactions per second.
Apart from that, as compared to other Blockchain technologies, Solana is energy efficient, which means it uses less energy. Moreover, Solana is very fast; you can easily confirm your transaction within seconds.
Although Bitcoin and Solana have a lot of similarities or you can say Solana is the second version of Bitcoin. Both coins are decentralized and allow you an open-source platform so you can easily send or receive digital currency.
Fast Facts About Solana:
Solana cryptocurrency has constant rise and fall, but no one knows the exact answer to why is Solana cryptocurrency surging. But here are some fast facts about Solana that will probably guide you on what is happening.
- By market capitalization, currently, Solana is the 10th largest non-stable crypto coin. In the last 24 hours, Solana surged 18.45% and changed its price to $14.12. Many investors say that it could be because of the launch of bonk. It is a dog-themed coin that airdropped its supply last week. According to the last week’s calendar, Solana has risen in price by $39.22%.
- Solana is the fifth biggest YTD gainer soaring $141% among all crypto assets.
- The digital trend has considered this as the roaring comeback of Solana, but they have also warned about the security shortage and decentralization of this coin.
What Will Happen Now With Solana Cryptocurrency?
Over the last year, among 25 different cryptocurrencies, Solana has been the hardest hit because of its worth exploring moves. In 2022 Solana saw a series of outages, including projects leaving and driving investors’ interest to other crypto assets.
Now this remarkable rise of Solana isn’t surprising for many investors. In today’s crypto world, all the risk assets have rallied hard. Many factors are making pervasive risks on sentiment, which is starting to take its hold on the crypto trading world. If the interest of investors remains the same, this coin can have a bright future with high demand.
Price Surge Of Solana Cryptocurrency:
Solana is considered the top performer, with a gain of 24%. As a result, in just a couple of hours, Solana hit an intraday and two-month high of $16.46%. Furthermore, SOL made an impressive 62% gain over the past week.
However, these short-term gains usually indicate that Solana is slowly lifting itself from the floor. In December 2022, the price of Solana was dumped to $8.40%. And still, the price is down.
What Is The Future Of Solana Cryptocurrency?
Solana is one of the competitors in decentralized applications, and it comes with its highs and lows. This coin has a robust support system from FTX, and many of the biggest industries also use Solana.
Apart from that, SOL is said to have the best applications ecosystem, which lets you do transactions within seconds. So all the investors interested in Blockchain’s ecosystem should invest in Solana.
According to CoinMarketCap, Solana has a more than $35.1 billion circulating supply. However, if Solana coins remain to keep circulating according to a fully diluted market cap, it would have more than $60 billion.
In total, more than $291 086 667 coins are circulating now.
Solana’s worth is over $120 for each coin at the time of writing of this article. As the Solana cryptocurrency keeps surging, there can be a sudden rise or sudden low in the price of Solana at any time.
Solana is one of those coins with the best applications ecosystem, but it is still not as popular as other digital assets. All the functions of SOL are similar to Bitcoin as both coins allow decentralization and an open-source platform.
Apart from that, the main reason why Solana cryptocurrency is surging is still unknown. But recently, some short-term gains of Solana are enough for the investors to guess that Solana will surely rise from the floor.