{"id":566336,"date":"2023-12-21T21:00:37","date_gmt":"2023-12-21T21:00:37","guid":{"rendered":"https:\/\/wncen.com\/?p=566336"},"modified":"2023-12-21T14:19:19","modified_gmt":"2023-12-21T14:19:19","slug":"solana-headed-to-100","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana\/solana-headed-to-100\/","title":{"rendered":"Solana Headed To $100? Here’s What’s Driving The Growth"},"content":{"rendered":"

Solana (SOL)<\/span><\/a> is flying high at the moment, and from all indications, the crypto token has no intention of slowing down anytime soon as it eyes $100. This is no doubt feasible, considering the <\/span>several bullish narratives<\/span><\/a> that continue to build up in the Solana ecosystem. Interestingly, SOL recently <\/span>surpassed XRP<\/span><\/a> to become the fifth-largest cryptocurrency by market cap.\u00a0<\/span><\/p>\n

Solana DeFi 2.0 Is No Joke<\/h2>\n

On December 16, the official X (formerly Twitter) account for Solana made a <\/span>post<\/span><\/a> where it stated that \u201cSolana DeFi 2.0 is just getting started.\u201d Indeed, SOL may be up to something as its DeFi ecosystem continues to garner steam. <\/span>Data<\/span><\/a> from DeFiLlama shows that Solana has been going head to head to Ethereum in terms of DEX volumes on the respective chains.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Says Ignore FUD, XRP Is Headed To $5.85<\/a><\/div>\n

Solana recently surpassed <\/span>Ethereum<\/span><\/a> in 7-day DEX volume for the first time in history. SOL has seen about $9.03 Billion in trading volume across all the DEXs on the chain in the last seven days. At the same time, Ethereum saw $8.836 Billion. This is more impressive when you consider the fact that Ethereum houses the <\/span>most prominent decentralized exchanges<\/span><\/a>.\u00a0\u00a0<\/span><\/p>\n

With such liquidity flowing into the ecosystem, it is only a matter of time before SolaSOLna hits $100. <\/span>Data<\/span><\/a> from DeFi Llama also shows that many are doubling their stakes in the Solana ecosystem. At the time of writing, the Total Value Locked (TVL) on Solana stands at $1.20 billion, its highest level since last year.<\/span><\/p>\n

Much credit needs to be given to the protocols that continue to build on Solana. One of them happens to be the <\/span>liquid staking protocol Jito,<\/span><\/a> which has over $570 million locked on its protocol. The DeFi platform recently distributed $225 Million in airdrop to SOL users causing new money to flow into the ecosystem.<\/span><\/p>\n

\"Solana<\/p>\n

SOL price breaks $88 | Source: SOLUSD on Tradingview.com<\/a><\/pre>\n
Is SOL<\/span> Coming For Ethereum?<\/h2>\n
For a long time, Solana has been dubbed the \u201cEthereum Killer,\u201d but that has never really materialized. The network has for a long time, <\/span>suffered numerous outages<\/span><\/a>, which made many assume that it could not match Ethereum. However, this time around, there is a growing belief that SOL is well-prepared to live up to the hype.\u00a0<\/span><\/p>\n
It is worth mentioning that the Solana network has been <\/span>100% uptime<\/span><\/a> since the last time it <\/span>recorded a network outage<\/span><\/a> in February this year. This is also more commendable considering the surge in network activity that Solana has experienced in recent times.<\/span><\/p>\n
Related Reading: Dogecoin Price In Trouble: Whale Transfers 85 Million DOGE To Robinhood<\/a><\/div>\n
If Solana is somehow able to put these outages in the past, there is no doubt that people could look to it as a better alternative to Ethereum. An increase in its utility will also undoubtedly increase SOL\u2019s value.<\/span><\/p>\n
ARK Invest\u2019s CEO<\/span><\/a> Cathie Wood <\/span>recently praised <\/span><\/a>how Solana is \u201cdoing a really good job.\u201d <\/span>She further alluded to the fact that SolaSOLna is even faster and more cost-effective than Ethereum.\u00a0<\/span><\/p>\n
At the time of writing, SOL is trading at around $86, up over 10% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n
Featured image from Disruption Banking, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Solana (SOL) is flying high at the moment, and from all indications, the crypto token has no intention of slowing down anytime soon as it eyes $100. This is no doubt feasible, considering the several bullish narratives that continue to build up in the Solana ecosystem. Interestingly, SOL recently surpassed XRP to become the fifth-largest cryptocurrency by market cap.\u00a0 Solana DeFi 2.0 Is No Joke On December 16, the official X (formerly Twitter) account for Solana made a post where it stated that \u201cSolana DeFi 2.0 is just getting started.\u201d Indeed, SOL may be up to something as its DeFi ecosystem continues to garner steam. Data from DeFiLlama shows that Solana has been going head to head to Ethereum in terms of DEX volumes on the respective chains.\u00a0 Related Reading: Crypto Analyst Says Ignore FUD, XRP Is Headed To $5.85 Solana recently surpassed Ethereum in 7-day DEX volume for the first time in history. SOL has seen about $9.03 Billion in trading volume across all the DEXs on the chain in the last seven days. At the same time, Ethereum saw $8.836 Billion. This is more impressive when you consider the fact that Ethereum houses the most prominent decentralized exchanges.\u00a0\u00a0 With such liquidity flowing into the ecosystem, it is only a matter of time before SolaSOLna hits $100. Data from DeFi Llama also shows that many are doubling their stakes in the Solana ecosystem. At the time of writing, the Total Value Locked (TVL) on Solana stands at $1.20 billion, its highest level since last year. Much credit needs to be given to the protocols that continue to build on Solana. One of them happens to be the liquid staking protocol Jito, which has over $570 million locked on its protocol. The DeFi platform recently distributed $225 Million in airdrop to SOL users causing new money to flow into the ecosystem. SOL price breaks $88 | Source: SOLUSD on Tradingview.com Is SOL Coming For Ethereum? For a long time, Solana has been dubbed the \u201cEthereum Killer,\u201d but that has never really materialized. The network has for a long time, suffered numerous outages, which made many assume that it could not match Ethereum. However, this time around, there is a growing belief that SOL is well-prepared to live up to the hype.\u00a0 It is worth mentioning that the Solana network has been 100% uptime since the last time it recorded a network outage in February this year. This is also more commendable considering the surge in network activity that Solana has experienced in recent times. Related Reading: Dogecoin Price In Trouble: Whale Transfers 85 Million DOGE To Robinhood If Solana is somehow able to put these outages in the past, there is no doubt that people could look to it as a better alternative to Ethereum. An increase in its utility will also undoubtedly increase SOL\u2019s value. ARK Invest\u2019s CEO Cathie Wood recently praised how Solana is \u201cdoing a really good job.\u201d She further alluded to the fact that SolaSOLna is even faster and more cost-effective than Ethereum.\u00a0 At the time of writing, SOL is trading at around $86, up over 10% in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image from Disruption Banking, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":566341,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[12837,86420,83626,89405,85361,86410,83627],"class_list":["post-566336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-sol","tag-sol-price","tag-solana","tag-solana-news","tag-solana-price","tag-solusd","tag-solusdt"],"acf":[],"yoast_head":"\nSolana Headed To $100? 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His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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