Solana (SOL) is soaring in the cryptosphere, demonstrating a vigorous trajectory that seems unwavering in its quest for the benchmark value of $100. The driving force behind this ascent is a confluence of bullish trends within its burgeoning ecosystem, which recently propelled Solana to eclipse XRP, ascending to the prestigious rank of the fifth-largest cryptocurrency by market capitalization.
Amidst the market’s dynamism, SOL has become a beacon of DeFi 2.0’s promise. An optimistic tweet from the official Solana account heralded what seems to be a renaissance in decentralized finance on its platform, suggesting that the narrative is just beginning to unfold. Validation of Solana’s notable headway emerges from data comparing it to Ethereum, its chief rival, particularly in the realm of decentralized exchange (DEX) volumes. For the first time, Solana has outpaced Ethereum’s 7-day DEX volume, capturing a staggering $9.03 billion in trades compared to Ethereum’s $8.836 billion—a significant feat considering Ethereum’s dominant position in the decentralized exchange landscape.
This uptick in trade and liquidity bodes well for Solana’s target price of $100. Additional support for this optimistic projection comes from DeFiLlama’s data, indicating a vigorous increase in stakeholder investment within Solana, with the total value locked (TVL) reaching an impressive $1.20 billion, a peak unseen since the previous year.
The success of protocols forging ahead on Solana’s network cannot be understated. Take, for instance, Jito, a liquid staking protocol with over $570 million secured in its system. The protocol’s recent airdrop of $225 million to SOL holders has spurred an influx of capital into the ecosystem, further fueling Solana’s upward momentum.
As SOL’s price chart from Tradingview.com reveals, SOL’s price has breached the $88 mark, and current trends suggest an unwavering upward trajectory.
The question on many minds is whether Solana is inching closer to dethroning Ethereum. Long tagged as the “Ethereum Killer,” Solana has yet to fully justify this moniker, primarily due to recurrent network outages that sowed doubts about its robustness. However, in a turnaround of fortunes, the network has not faltered since a notable outage in February, even amidst burgeoning network activity—a promising indicator of stability.
Should Solana continue to demonstrate this newfound resilience, it stands to emerge as a formidable alternative to Ethereum. Its increasing utility has the potential to significantly elevate SOL’s valuation.
Cathie Wood, the CEO of ARK Invest, has lauded Solana’s advancements, acknowledging its edge in speed and cost-effectiveness over Ethereum.
At the time of writing, SOL trades at around $86 and has seen a surge of over 10% in the past 24 hours. Enthusiasts and potential investors eye the coin’s progress closely, as Solana continues to chart its course in the volatile yet captivating world of cryptocurrency.