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Solana (SOL) has surged 40% to a 20-month high

Solana price skyrockets

On 21 Dec, Around 6 p.m. EST, Solana (SOL) hit a nearly 20-month high of $95.10, marking a nearly 40% increase in less than a week. The SOL hasn’t increased that much since April 2022. Trading volume in the platform’s decentralised exchanges (DEXs) increased by 33%, reaching a series high on 15 December.

Meme coins like BONK have also contributed significantly to the quality. With its recent 24 hr trading volume of $634 Million USD, BONK’s 7 day 24 hr trading volume rose to $1.93 Billion USD. Joe Lee, CEO and founder of DefiDive, highlighted the cash flow into Solana as a result of memecoin activity and also introduced tech-benefit trades with USDT, SOL, and BONK.

Yesterday, Solana’s market cap surpassed that of XRP, placing it in fifth place on CoinMarketCap. DefiLlama identifies Solana’s Total Value Locked growth and increasing demand from merchants holding SOL tokens as the key drivers for positive behaviour in general. Strong transactions, huge trading volumes and meme currency recognition all help make Solana a standout business in the cryptocurrency space.

Read also: Bitcoin ETF: BlackRock, Nasdaq in Negotiation with SEC

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Karla brings over 16+ years of experience in the online brokerage industry. She is a finance graduate from Birmingham University, UK, and a forex market enthusiast. Being a true writing fanatic, she pens research-backed reviews for traders to analyse trading strategies and indicators. She has also authored a wide range of educational articles covering the forex industry. Karla is quite interested in checking brokerage companies and studying their performance and growth. Her aim is to describe complex investment mechanisms in an accessible way for traders of any level. Apart from finance, her interests mainly include reading books, fitness, and writing in her journal. Karla believes in the power of writing and wants to write for every layman who knows nothing about finance.
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