- Solana’s valuation rises by 6.5%, reaching $44.17 billion.
- January sees $1 trillion in transactions, a 30% increase.
- Solana surpasses Ethereum in 24-hour DEX volume.
Amidst a wider green wave in the cryptocurrency market, Solana (SOL) stands out as a top performer, experiencing a surge in price and market capitalization. Within a day, SOL injected over $2 billion into its ecosystem, pushing its market cap to new heights.
Solana’s Market Cap Sees Significant Surge
On Friday, February 2, Solana’s market cap ballooned by $2.38 billion, representing a 6.5% surge and pushing its total valuation to $44.17 billion. This impressive rally coincided with a price jump of 5.96%, propelling SOL above the $100 mark to currently trade at $101.58.
This bullish performance extends beyond the immediate 24-hour timeframe. Solana’s weekly gains stand at 12.57%, erasing the previous month’s 5.27% dip. Notably, this positive momentum aligns with a surge in network activity.
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January witnessed Solana’s transaction volume reach a multi-year high of $1 trillion, a 30% increase from December and rivaling levels last seen in September 2022, as reported by The Block.
Solana Soars Past Ethereum
Further echoing growing interest and engagement, the number of registered addresses on the Solana blockchain surpassed 10 million in January. This signifies the largest figure since May 2022, when the network boasted 11.72 million crypto wallets.
Solana’s impressive run extends beyond its own ecosystem, even briefly eclipsing Ethereum (ETH) in terms of 24-hour decentralized exchange (DEX) volume. This achievement, coupled with a 15.34% weekly DEX volume increase compared to Ethereum’s 12.44% decline, has fueled speculation about Solana’s potential as an “Ethereum killer.”
On the Flipside
- Solana has faced criticism and technical challenges, particularly concerning network stability. Past incidents of network outages have raised concerns about its reliability.
- The blockchain space is highly competitive, with numerous platforms vying for dominance. Ethereum’s upcoming upgrades and the emergence of other high-performance blockchains pose a continual challenge to Solana’s growth.
Why This Matters
Solana’s recent surge and network activity suggest a period of significant growth and momentum. If this trend continues, Solana can cement its position as a leading player in the industry.
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Read more about Solana’s latest technical development:
What Are Solana Token Extensions and How Do They Work?
Read more about Polkadot’s recent performance:
Polkadot Sees Record Growth in Users and Developers in Q4
