Solana (SOL) is regaining momentum in the cryptocurrency market, as its dominance has climbed to 3.45% following a challenging 2022. Recent data from Into The Cryptoverse (ITC) underscores Solana’s steady recovery, indicating renewed interest in the token as it rebuilds from significant losses during the bear market. At its peak in 2021, SOL captured nearly 4% of the crypto market before experiencing a sharp decline in price and market capitalization in 2022.
Source: @ITC_Crypto
Nonetheless, as of the middle of 2023, Solana bounced back and is still hovering around the $80 billion market cap, the current numbers on the market reading slightly below $73.47 billion. It is notably up from a 2022 low when the market cap had plummeted below $10 billion.
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Price Surge Reflects Solana’s Renewed Strength
Solana’s price and its expanding market domination demonstrate a strong rebound. After hitting a record high of $260 in 2021, SOL’s value plunged to $11 by 2022. Nonetheless, the token has recovered to $156, representing a 714% growth in the last year alone. Notably, Solana’s market domination is 3.45% when stablecoin values remain omitted and 3.26% when stablecoins are included, according to TradingView. Although Solana’s dominance declined by 5.69% over the last six months, it has increased by 1.58% in the recent week, indicating restored market confidence.
Recent Rebound Shows Strong Momentum
The recent movement of Solana’s price also indicates that the asset has ample potential for a rebound. At an earlier stage of the month, the token was trading at $124.99 but is now at $160.98 in a remarkable 33% rebound. This trend indicates that Solana is on the rise again and is here to stay in the world of cryptocurrencies.
In conclusion, Solana’s renewed strength is evident in its rising price and growing market dominance. The token’s ability to recover from steep declines has positioned it as a critical player in the cryptocurrency market for 2023 and beyond.
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Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.