Solana (SOL) Now Surges 65% In the Second Week Of 2023

Key Points:

• SOL has more than doubled this month, climbing more than 65% to $23.70 in the previous seven days.
• Despite the subsequent five-trillion token burn, with its price falling 69% last week, it still has a market valuation of $60 million.

After plummeting by more than 80% in the previous year, Solana is enjoying a spectacular year in 2023. According to Coinmarketcap, the price of SOL has more than doubled this month, climbing more than 65% to $23.9 in the previous seven days.

Solana experienced its biggest trading volume since the week of FTX’s stunning collapse, which rocked Solana and the rest of the crypto market in November.

Solana has made an incredible comeback. SOL was ending out the year down 94% less than a month ago, hitting a two-year low of $8.17 and sliding out of the top twenty currencies, according to Coinmarektcap statistics.

Solana has now momentarily pushed Polygon MATIC out of the top ten cryptocurrencies by market capitalization, which reached $9 million on Saturday afternoon. Its price has also reached a new high since FTX collapsed.

As shown by Coinmarketcap, Solana now is trading at $23,9 at the time of writing, increasing by 3.21% over the last 24 hours.

It can be seen clearly that BONK, a Solana-based meme token, sparked a flurry of excitement around Christmas and pushed the price of SOL to a seven-day high at the turn of the year, boosting Solana’s recent run of positive news. Coin collectors appeared to be excited about a new dog-themed entry into the market, joining Dogecoin (DOGE) and the Ethereum-based currency Shiba Inu (SHIB).

As Coincu reported, BONK had a 1000% increase in the first week of the year. While a subsequent five-trillion token burn could not maintain BONK on an upward trend, with its price falling 69% last week, it still has a market valuation of $60 million. In fact, its value has increased by 27.1% in the last 24 hours, pricing at $0.0000014.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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