Solana Headed To $100? Here's What's Driving The Growth

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.

Timeline of Solana

Solana's cryptocurrency, SOL, which experienced a 94% decline in 2022, has reportedly made a comeback, attracting the attention of digital asset investors. The SOL token has surged in price by almost 800% since December 2022, Bloomberg reported Thursday (Dec. 21).

Trezor, a prominent web3 hardware wallet manufacturer, has expanded its token support, now accommodating SOL and Solana Program Library (SPL) tokens. This addition enhances the functionality of Trezor's hardware wallets, the Model T and Safe 3, as announced on the social media platform X.

In a surprising twist, the Solana token (SOL) has left the cryptocurrency market in awe with an astounding surge of over $4.8 billion in the past 24 hours. This surge has propelled Solana's market capitalization beyond the impressive milestone of $37 billion.

As the end of 2023 draws closer and optimism returns to the cryptocurrency industry, some of its assets have recorded more impressive results than others, both recently and since the year's start, including Solana (SOL), which has increased its price by over 780% this year.

Web3 wallet manufacturer Trezor has expanded its scope of offerings, now supporting Solana (SOL) and Solana Program Library (SPL) tokens. That comes as Solana witnesses increased interest from crypto players. The announcement revealed that Trezor wallets, Model T and Safe 3, are now compatible with these Solana tokens.

Trezor Wallet, a leading Web3.0 hardware wallet has announced its support for Solana (SOL) and tokens designed using the Solana Program Library (SPL) on its platform. Strategic SOL and SPL Token Integration SOL is the native token of the Solana blockchain while SPL is the token standard on designed for the ecosystem, similar to Ethereum's

In the past 24 hours, the cryptocurrency market witnessed a roller-coaster-like movement, impacting both bearish and bullish traders. According to CoinGlass data, a total of $122.83 million in liquidated positions shook the market, with 66% being long positions and the remaining 34% representing shorts.

The SOL price has initiated a new rally, surpassing the $72 resistance level against the US Dollar. Currently, it is trading above $74 and has crossed the 100 simple moving average (4 hours).

A decentralized wireless network altcoin on the Solana (SOL) blockchain is soaring amid two big consumer-driven events. The decentralized finance (DeFi) telecommunications project Helium Mobile (MOBILE) is up 60% in the past 24 hours, going from Sunday's low of $0.0042 to $0.0067 at time of writing.

Ethereum's Layer-1 competitor Solana has made a strong comeback once again. At press time, the Solana (SOL) price is up by 6% trading at $76.04 with a market cap of $32.5 billion.