- While Bitcoin and Ethereum misplace their festive spirit, Solana experiences a massive pump.
- Over the weekend, Solana recorded double-digit gains.
- Experts suggest BONK traders could be behind the rally.
‘Tis the season of festivities, but the crypto market lacks the holiday cheer, with Bitcoin, Ethereum, and other major tokens caught in indecision, uncertain if they want to rally before the year ends. However, amid this hesitancy, there’s one standout performer– Solana.
Embracing the festive Christmas spirit with gusto, Solana is surging confidently, surpassing significant levels and revisiting price points last seen years ago.
Solana Embraces the Christmas Spirit
While the top ten tokens enjoyed the calm holiday vibes, Solana led the pack with festivities, unable to contain its excitement as it surged past $120 this Christmas Day. Over the weekend, SOL became an unstoppable force, breaking through level after level and notching impressive gains.
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Since Friday, December 22, SOL has surged 40%, pumping from $90 to $126, marking a new yearly high. In its merry ascent, Solana displaced BNB, earning the title of the fourth-largest crypto in the market, with a market cap exceeding $51 billion at press time.
In stark contrast, Bitcoin seems to have misplaced a bit of its festive spirit, losing 3% in value and dropping from $44,200 on Friday to $43,000 on Christmas Eve. Similarly, Ethereum experienced a 4% dip, decreasing from $2350 to $2240 during the same period.
Interestingly, Solana last saw these price levels on the eve of Terra’s collapse a year and a half ago in May 2022. Experts suggest much of the optimism surrounding SOL is due to the BONK craze, Solana’s inaugural Shiba-Inu-themed memecoin that has caused quite a stir lately.
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Traders have recently been flocking in large numbers, buying BONK every chance.
On the Flipside
- Despite its surge, defunct exchange FTX still holds millions in Solana tokens, most of which will hit the market in 2025.
- The BONK memecoin frenzy has resulted in the complete sell-out of Solana’s initially struggling flagship phone.
Why This Matters
Solana is emerging as a solid contender in the crypto market as it outperforms its rivals by huge margins. This performance charts a very positive course for what to expect next year.
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