The price of the native token of smart contract platform Solana (SOL) has surged nearly 5% over the last 24-hour period in a move that saw its total market capitalization top the $100 billion mark.
The price of SOL surged amid a wider cryptocurrency market movement that saw the price of XRP, for example, move to a new all-time high after surging nearly 10% in the last 24 hours.
Solana’s SOL is up around 4.7% at the time of wiriting, with each token trading at $206 to give the cryptocurrency a total market capitalization of $100.2 billion. The rise saw SOL briefly overtake Binance’s BNB as the fourth-largest digital asset by the metric, but a correction reversed the change.
Over the past year, SOL is up by more than 130%.
The Solana ecosystem faced significant challenges following the collapse of FTX in November 2022. The exchange’s executives, prominent Solana advocates with substantial SOL holdings, were directly affected by the collapse, leading to a substantial decline of nearly 70% in Solana’s price amidst widespread market panic.
The FTX collapse raised concerns about the long-term viability of the Solana ecosystem. It was estimated that approximately 20% of Solana-based projects had received investments from FTX or its sister company, Alameda Research.
However, investors have since shown renewed interest in the Solana ecosystem. Projects such as Pump.fun and decentralized cryptocurrency exchange Raydium have experienced a surge in activity over the past few months.
Featured image via Unsplash.
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