- The price of SOL noted an increase of more than 130% in January 2023.
- Solana showed a major bullish trend and noted a decent increase above the $20 resistance against the U.S. Dollar.
Solana is a popular blockchain and is attempting to rival smart-contract titan Ethereum for the NFT and web3 crown. It has a strong focus on scalability through its hybrid proof-of-history/proof-of-stake consensus that aims to accommodate a flourishing dApp ecosystem. Its native token SOL is currently under the top 15 coins by the market cap.
Solana ($SOL) Price Analysis
Solana ($SOL) price is currently following a bullish zone that is above $18 and supporting $20 levels. The price of SOL started a decent increase above the $24.00 level. According to Tradingview, SOL’s price noted a weekly increase of 3.3% and more than 130% in one month. However, in the last six months the coin is down by almost 39% and around 76% in one year.
At press time, SOL is trading at the price of $23.51 with a decrease of nearly 1.55%. It has a market cap of $8.75 Billion, with 24 hour trading volume of $587.81 Million.
According to the Solana Foundation, there will be a total of 489 Million SOL tokens released in circulation. Meanwhile, at present around 260 Million of these have already entered the market. The distribution of SOL tokens is as follows: 16.23% went towards an initial seed sale, 12.92% dedicated to a founding sale, 12.79% distributed among team members, and 10.46% of tokens were given to the Solana Foundation.
Although, the remaining SOL tokens were already released for public and private sales or still to be released to the market.
Solana gives incredibly short processing times with its hybrid protocol. It allows for significantly decreased validation times for both transaction and smart contract execution.
Solana price gained more than 700% since the mid of July 2021 that came on the back of an impressive bull run. Then after the launch of the Degenerate Ape NFT collection, SOL price marked its all-time high (ATH) above $60 and was moving upward. This price surge was mostly due to higher developer activity on the Solana Network. It is followed by massive institutions, the growth in the DeFi ecosystem, and the rise of the non-fungible tokens (NFTs), along with the gaming vertical on Solana. SOL price rose to an ATH of around $260 on November 6th, 2021, according to CoinMarketCap data.
Yesterday, the Co-Founders of Solana blockchain, Anatoly Yakovenko & Raj Gokal, shared “a vision for the Solana community in 2023.”
Source: https://www.thecoinrepublic.com/2023/02/01/solana-sol-price-surged-more-than-130-in-january-2023/