- A recap of the key observations and growth drivers behind Solana’s impressive success.
- Why SOL has a clear chance at rocketing above $400.
As a seasoned researcher with over a decade of experience in the crypto market, I have seen my fair share of projects rise and fall. However, Solana [SOL] has truly caught my attention this year. Its impressive growth trajectory and robust utility make it a standout among its peers.
There is no doubt that Solana [SOL] has been the most favorite blockchain for many this year. But can it hold on to this lead in 2025, and will it be enough to send its native coin above $400?
2024 saw Solana emerge as the favored blockchain network, boasting the largest global traffic share among all blockchain ecosystems analyzed.
This achievement has paid off handsomely for the Solana network.
One significant method shows that the Total Value Locked (TVL) not just reached 2021 record levels again, but it peaked at an all-time high of $10.57 billion on November 19th, surpassing its previous peak.
Solana’s Total Value Locked (TVL) has been steadily rising as well, and it just surpassed the $4.5 billion mark. With the recent addition of Sky Protocol’s USDS stablecoin to the Solana network, this upward trend could persist.
This move should not only boost the network’s liquidity but also encourage more DeFi activity.
What are the odds of a $400 price tag for SOL?
At the current moment, one unit of SOL was priced at approximately $237. To provide some context, this cryptocurrency was valued at $56 a year ago, illustrating its significant growth over the past 12 months.
Despite this, its significant upward trend and rebound during the latter half of 2024, particularly the final three months, is quite impressive.
Organic demand significantly boosts SOL’s success, which is closely related to its effective functioning within the network. This growth aligns with the high volume of address activity noticed over the past three months.
The network had less than 1 million daily active addresses during its slowest days in August.
The number of Solana’s daily active addresses has climbed well over 5.7 million, which is a significant finding as it signifies growing organic interest in SOL.
A development that is optimistic and likely to attract both individual and institutional investors, potentially leading to increased interest in the cryptocurrency over the next few months.
Solana has been steadily advancing, and at present, it occupies the fourth place among the top cryptocurrency projects/coins based on market capitalization. It achieved this feat by surpassing the BNB chain which previously held that position.
On Monday, Solana’s total value reached a high of approximately $117.15 billion. If it continues its robust growth trend, it might unseat USDT and join the ranks of the top three largest cryptocurrencies.
Given the insights from our previous analysis and the key elements influencing Solana’s progression, it seems plausible that SOL may surge beyond $400 during the pinnacle point of this current market cycle.
Read Solana’s [SOL] Price Prediction 2024–2025
Alternatively, while things are not set in stone, there’s a chance that liquidity might shift towards different ventures instead.
If SOL doesn’t gain from that rotation, it may become challenging to reach the mentioned price target.
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2024-11-21 08:07