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In a breathtaking turn of events, the Solana token (SOL) has stunned the cryptocurrency market by surging over $4.8 billion in the last 24 hours, catapulting its market capitalization beyond the $37 billion milestone.
This surge has propelled SOL to claim its position as the fifth-largest crypto market token, leaving established players like XRP trailing in its wake, according to data from CoinMarketCap.
Gamza KhanzadaevYet, Solana's triumph extends far beyond the realm of cryptocurrencies. The purple and green blockchain has outpaced industry giants such as Spotify and Electronic Arts in terms of valuation, placing itself among the top 500 largest companies globally, if cryptocurrencies were included in traditional industry rankings.
The surge in SOL's valuation can be attributed to a renewed rally in its quotations. Despite already witnessing remarkable 250% growth since mid-October, SOL has defied expectations by adding an additional 21% to its price in just the past week.
Many market observers, anticipating a shift towards undervalued assets, have been left astounded by Solana's resilience and continuous double-digit growth.
Solana (SOL) to $100?
As of now, SOL is trading above $86 per token, prompting influential figures in the crypto space, such as Arthur Hayes, to make bullish predictions. Hayes and others are fervently forecasting that Solana will soon breach the triple-digit price threshold.
The resilience and sustained growth of Solana defy conventional market expectations, and whether it will indeed achieve the predicted triple-digit prices remains uncertain.
What is certain, however, is that Solana's resurgence in 2023, following a challenging previous year, is poised to etch its name into the history books of the crypto market.
Arman Shirinyan
Godfrey Benjamin
Vladislav Sopov
Dan Burgin