Solana Hits Yearly Peak with Impressive Growth

Solana (SOL) has recently witnessed a remarkable surge. Tripling its value from the previous month, Solana has become one of the best performing cryptocurrencies in terms of market value.

As the general uptrend in the altcoin market continues, Solana ($SOL) stood out by nearly tripling its price in the past month. With this performance, Solana has become one of the most traded currencies of the recent period.

Ethereum’s Rival Gains Strength

Developed as an alternative to Ethereum, Solana’s recent surge has placed it among the top 20 cryptocurrencies in terms of market value. In particular, in the last seven days, Solana achieved the highest gain within this group.

Solana’s market value is currently around $26.3 billion. In the last 30 days, Solana, with a 165% increase, outperformed competitors like Bitcoin and Ethereum, showcasing the best performance among its peers.

On the Rise Again

Solana, which reached its all-time high of around $260 during the 2021 bull market, subsequently lost value due to various reasons. Particularly, the collapse of FTX and the relationships with FTX’s founder, Sam Bankman-Fried, negatively impacted Solana’s price. Solana was known as SBF’s favorite coin.

Having dropped from around $260 to as low as $8, Solana is currently trading at around $60 and seems likely to remain on traders’ agendas for a while longer with a 165% increase in value over the last month.

Source: Decrypt

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