The price of smart contract platform Solana’s native token (SOL) surged nearly 5% in the past 24 hours, pushing its total market capitalization past the $100 billion mark.
The price of SOL surged amid a broader move in the cryptocurrency market that saw the price of XRP, for example, hit a new all-time high after surging nearly 10% in the past 24 hours.
Solana’s SOL is up around 4.7% at the time of writing, with each token trading at $206, giving the cryptocurrency a total market cap 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 has grown over 130%.
The Solana ecosystem faced significant challenges following the collapse of FTX in November 2022. The exchange’s executives, prominent Solana advocates with substantial stakes in SOL, were directly impacted by the collapse, leading to a substantial drop of almost 70% in the price of Solana amid widespread market panic. .
The collapse of FTX has raised concerns about the long-term viability of the Solana ecosystem. It was estimated that around 20% of Solana-based projects received investment 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 seen a surge in activity over the past few months.
Featured image via Unsplash.
