SOL, the native cryptocurrency of the Solana network, ranks as the fourth-largest cryptocurrency in the crypto market, having surpassed the market capitalization of XRP and BNB.
Solana is in the midst of an exceptional bullish momentum, which has seen its native cryptocurrency trade very close to $100 at the time of writing.
Over the past week, SOL has risen by over 31%, according to data from CoinMarketCap, trading at $98,8 per unit. Solana has reached a Market capitalization of $42.200 billion, outperforming other major cryptocurrencies in the market such as XRP and BNB.
Source: CoinMarketCap
Solana also ranked as the seventh cryptocurrency with the highest weekly growth among the top 100 cryptocurrencies on the market.
The bullish momentum that SOL has been experiencing is related to the appeal of meme cryptocurrencies, primarily Bonk (BONK).
The intense frenzy experienced by BONK, the first memecoin based on the Solana blockchain, is not only driving up the price of SOL, but has also triggered a surge in the trading volume moving through DEXs based on this blockchain.
Solana rises more than 700% in one year
The price of SOL was heavily affected by the events surrounding FTX and its brutal failure, after being seen as one of the largest cryptocurrency exchanges in the world.
SOL was linked to Alameda Research, the investment arm of FTX, due to the significant investment the firm made in this cryptocurrency, being one of the first companies to support the development of the crypto project. However, when rumors of FTX's insolvency began, the price of SOL and other cryptocurrencies related to the exchange, which were known as "Sam Coins", fell dramatically, and ended up collapsing after FTX declared bankruptcy.
The price of SOL reached below $10 per unit in December 2022. However, in one year, the Solana cryptocurrency has managed to recover considerably.
2023 has been a golden year for SOL, which has grown by more than 715%, thanks to the support and tenacity of its community of developers, enthusiasts and users.
Source: CoinMarketCap
The altcoin that investors love
Investment in Solana-based financial products amounted to $10,6 million last week. CoinShares, a digital and alternative asset management services firm, said inflows into crypto investment funds were led by Solana, which remains the altcoin of choice for investors.
According to the report “Digital Asset Fund Flows Weekly Report” No. 162 of the firm, Solana was one of the altcoins, along with Cardano, XRP and Chainlink, that resisted the outflows of funds that were recorded in the last week, in cryptoasset investment products.
Continue reading: Solana continues to break records and registers its best month in history
