• Solana (SOL) registered an unprecedented surge over the last week, with a 36% increase in price and a market capitalization of over $4.8 billion.
• According to Santiment’s data, Solana’s development activity increased, and its Binance funding rate also registered an uptick.
• LunarCrush’s data revealed that SOL was among the top 10 cryptos with the highest social mentions between 1 – 7 January.
Solana, the blockchain platform that powers decentralized applications and digital assets, has been on a roll recently. The token registered an unprecedented surge over the last week, with a 36% increase in price and a market capitalization of over $4.8 billion. The surge was largely caused by the FTX saga of 2022, which had a positive impact on the ecosystem.
The surge was also accompanied by a flurry of activity, as the platform saw an increase in developers, users, and social mentions. According to Santiment’s data, Solana’s development activity increased, indicating that developers were working more to improve the blockchain. Additionally, SOL’s Binance funding rate also registered an uptick, suggesting that it was in demand in the derivatives market.
Furthermore, Solana’s popularity was established as LunarCrush’s data revealed that it was among the top 10 cryptos with the highest social mentions between 1 – 7 January. This was a promising sign as it showed that more and more people were catching on to the platform.
However, the token’s volume, after spiking along with the price, declined from 4 January, which was a negative signal. Despite this, the metrics and market indicators looked bullish, and investors were hopeful that the surge would continue. If SOL were to reach Bitcoin’s market capitalization, the price would increase by 64.77x.
Overall, Solana’s new year began on a cheerful note and it remains to be seen if the surge will continue in the coming days. With the market showing promising signs, traders and investors will be keeping a close watch on the token’s performance.