Solana (SOL) Investors Target $70 – Will the Altcoin Break this Barrier?

Embark on a fascinating journey through the crypto world with SOL! Delve into the story of Solana, from its rapid rise to daily wallet dominance, and uncover why it's making waves in the crypto scene.

Timeline of Solana

The Solana ecosystem continues to grow and evolve, but it has a long way to go to catch up with Ethereum. Nevertheless, activity on Solana has been steadily increasing in numbers, which is a good starting point.

Solana Labs co-founder Anatoly Yakovenko responded to underwhelming sales of his firm's smartphone in an interview with Unchained Crypto on Dec 5. The firm unveiled its Android smartphone, Saga, in June 2022 and launched the device in 2023.

Solana (SOL), one of the fastest-growing cryptocurrencies in the market, could reach a new milestone this weekend, according to former BitMEX CEO Arthur Hayes. Hayes, who is known for his bullish predictions and market insights, tweeted that he expects SOL to break the $100 barrier amid a potential altcoin season.

With the heightened interest in artificial intelligence (AI) following the introduction of ChatGPT, comparable platforms have showcased their usefulness. An example is Google Bard, which has demonstrated impressive capabilities in analyzing trends within the cryptocurrency industry and assets such as Solana (SOL).

Solana's native token, SOL, has seen a substantial price surge, shooting up by 500% since January 1 and currently trading around $60, reaching a recent high of nearly $70. The Total Value Locked (TVL) in Solana's decentralized finance (DeFi) ecosystem has also increased, reaching approximately $670 million as of December 5.

A popular crypto analyst thinks Ethereum (ETH) competitor Solana (SOL) could skyrocket to new all-time highs within the next year. The pseudonymous trader known as Inmortal shares a chart with his 202,700 followers on the social media platform X that projects SOL surging to $360 by the beginning of 2025.

A Solana address potentially related to the now-defunct crypto exchange FTX has unstaked $90 million worth of SOL, according to on-chain data. First spotted by Lookonchain, an address beginning with “4Axqyo” unstaked 1.5 million SOL and transferred it to another address.

DefiLlama data indicates that the total capital locked or staked across all decentralized finance (DeFi) protocols peaked at $49.6 billion, on Dec. 5, 2023. For the first time in six months, the value of underlying assets increased, and investors looked to secure a yield on their crypto holdings.

A transformative wave is sweeping through the decentralized finance (DeFi) arena, as novel blockchain platforms disrupt the status quo. Standing tall among these challengers is Solana, celebrated for its exceptional throughput and scalability.

The duo of XRP and Solana (SOL) have received a major new boost as the month runs to a close following the announcement of a mega listing on Crypto.com. As the top exchange revealed, the EUR pairs for both assets are now live on its platform, setting the stage for users in the European Union to embrace the pairs.