{"id":34386,"date":"2023-12-21T21:52:35","date_gmt":"2023-12-22T01:52:35","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34386"},"modified":"2023-12-21T21:52:35","modified_gmt":"2023-12-22T01:52:35","slug":"solana-headed-to-100-heres-whats-driving-the-growth","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/21\/solana-headed-to-100-heres-whats-driving-the-growth\/","title":{"rendered":"Solana Headed To $100? Here\u2019s What\u2019s Driving The Growth"},"content":{"rendered":"

Solana (SOL)<\/a> 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<\/a> that continue to build up in the Solana ecosystem. Interestingly, SOL recently surpassed XRP<\/a> to become the fifth-largest cryptocurrency by market cap.\u00a0<\/p>\n

Solana DeFi 2.0 Is No Joke<\/h2>\n

On December 16, the official X (formerly Twitter) account for Solana made a post<\/a> where it stated that \u201cSolana DeFi 2.0 is just getting started.\u201d Indeed, SOL may be up to something as its DeFi ecosystem continues to garner steam. Data<\/a> from DeFiLlama shows that Solana has been going head to head to Ethereum in terms of DEX volumes on the respective chains.\u00a0<\/p>\n

Solana recently surpassed Ethereum<\/a> in 7-day DEX volume for the first time in history. SOL has seen about $9.03 Billion in trading volume across all the DEXs on the chain in the last seven days. At the same time, Ethereum saw $8.836 Billion. This is more impressive when you consider the fact that Ethereum houses the most prominent decentralized exchanges<\/a>.\u00a0\u00a0<\/p>\n

With such liquidity flowing into the ecosystem, it is only a matter of time before SolaSOLna hits $100. Data<\/a> from DeFi Llama also shows that many are doubling their stakes in the Solana ecosystem. At the time of writing, the Total Value Locked (TVL) on Solana stands at $1.20 billion, its highest level since last year.<\/p>\n

Much credit needs to be given to the protocols that continue to build on Solana. One of them happens to be the liquid staking protocol Jito,<\/a> which has over $570 million locked on its protocol. The DeFi platform recently distributed $225 Million in airdrop to SOL users causing new money to flow into the ecosystem.<\/p>\n\n

Is SOL Coming For Ethereum?<\/h2>\n

For a long time, Solana has been dubbed the \u201cEthereum Killer,\u201d but that has never really materialized. The network has for a long time, suffered numerous outages<\/a>, which made many assume that it could not match Ethereum. However, this time around, there is a growing belief that SOL is well-prepared to live up to the hype.\u00a0<\/p>\n

It is worth mentioning that the Solana network has been 100% uptime<\/a> since the last time it recorded a network outage<\/a> in February this year. This is also more commendable considering the surge in network activity that Solana has experienced in recent times.<\/p>\n

If Solana is somehow able to put these outages in the past, there is no doubt that people could look to it as a better alternative to Ethereum. An increase in its utility will also undoubtedly increase SOL\u2019s value.<\/p>\n

ARK Invest\u2019s CEO<\/a> Cathie Wood recently praised <\/a>how Solana is \u201cdoing a really good job.\u201d She further alluded to the fact that SolaSOLna is even faster and more cost-effective than Ethereum.\u00a0<\/p>\n

At the time of writing, SOL is trading at around $86, up over 10% in the last 24 hours, according to data<\/a> from CoinMarketCap.\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Solana (SOL)<\/a> 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<\/a> that continue to build up in the Solana ecosystem. Interestingly, SOL recently surpassed XRP<\/a> to become the fifth-largest cryptocurrency by market cap.\u00a0<\/p>\n

Solana DeFi 2.0 Is No Joke<\/h2>\n

On December 16, the official X (formerly Twitter) account for Solana made a post<\/a> where it stated that \u201cSolana DeFi 2.0 is just getting started.\u201d Indeed, SOL may be up to something as its DeFi ecosystem continues to garner steam. Data<\/a> from DeFiLlama shows that Solana has been going head to head to Ethereum in terms of DEX volumes on the respective chains.\u00a0<\/p>\n

Solana recently surpassed Ethereum<\/a> in 7-day DEX volume for the first time in history. SOL has seen about $9.03 Billion in trading volume across all the DEXs on the chain in the last seven days. At the same time, Ethereum saw $8.836 Billion. This is more impressive when you consider the fact that Ethereum houses the most prominent decentralized exchanges<\/a>.\u00a0\u00a0<\/p>\n

With such liquidity flowing into the ecosystem, it is only a matter of time before SolaSOLna hits $100. Data<\/a> from DeFi Llama also shows that many are doubling their stakes in the Solana ecosystem. At the time of writing, the Total Value Locked (TVL) on Solana stands at $1.20 billion, its highest level since last year.<\/p>\n

Much credit needs to be given to the protocols that continue to build on Solana. One of them happens to be the liquid staking protocol Jito,<\/a> which has over $570 million locked on its protocol. The DeFi platform recently distributed $225 Million in airdrop to SOL users causing new money to flow into the ecosystem.<\/p>\n

Is SOL Coming For Ethereum?<\/h2>\n

For a long time, Solana has been dubbed the \u201cEthereum Killer,\u201d but that has never really materialized. The network has for a long time, suffered numerous outages<\/a>, which made many assume that it could not match Ethereum. However, this time around, there is a growing belief that SOL is well-prepared to live up to the hype.\u00a0<\/p>\n

It is worth mentioning that the Solana network has been 100% uptime<\/a> since the last time it recorded a network outage<\/a> in February this year. This is also more commendable considering the surge in network activity that Solana has experienced in recent times.<\/p>\n

If Solana is somehow able to put these outages in the past, there is no doubt that people could look to it as a better alternative to Ethereum. An increase in its utility will also undoubtedly increase SOL\u2019s value.<\/p>\n

ARK Invest\u2019s CEO<\/a> Cathie Wood recently praised <\/a>how Solana is \u201cdoing a really good job.\u201d She further alluded to the fact that SolaSOLna is even faster and more cost-effective than Ethereum.\u00a0<\/p>\n

At the time of writing, SOL is trading at around $86, up over 10% in the last 24 hours, according to data<\/a> from CoinMarketCap.\u00a0<\/p>\n

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