On December 24, Solana (SOL) traded at $118, a level not seen since April 2022. Over the past 24 hours the asset rose by 19%, according to CoinGecko.
At the time of writing, Solana was trading at $114. The project’s market capitalization stands at $48.5 billion. Over the last 24 hours, the trading volume of SOL reached $5.7 billion.
All top-10 cryptocurrencies by market cap have moved into the green. Besides Solana, Avalanche (+12.8%) and BNB (+12%) posted notable gains over the past week.
On Wednesday, December 20, Solana overtook XRP in the cryptocurrency market-cap rankings and rose to fifth place. By Friday, December 22, the asset’s market value surpassed that of BNB, securing fourth place for the project.
Two days ago, former BitMEX head Arthur Hayes said that he sold the SOL purchased in November and moved the profits to Ethereum in anticipation of ETH rising to $5,000. He admitted that he \”shorted the pump again\”.
Earlier experts explained Solana’s rise by increased network activity, a new wave of meme tokens led by BONK and numerous announced airdrops.
From October to December, the number of Google searches for ‘Solana’ rose to record highs.