U.Today - 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 .
Yet, 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 (NASDAQ:EA) 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.
SOL to USD by 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.