Solana (SOL) is reaching $200 for the first time since December 2021, boosted by a 16% increase in the last 24 hours. According to CoinMarketCap, the coin is presently trading at $192 and has a market capitalization of $85 billion.
Aside from that, the market cap has risen past the previous peak reached in 2021, setting a new record. As expected, while the price has stagnated slightly below the previous record, the massive rise in supply has caught readers’ attention to market capitalization.
The success of SOL’s climb is consistent with the increase in cryptocurrencycurrency value over the last several months. Including Bitcoin and Ether reduces all investors’ efforts. As a result, Bitcoin’s price went from $73,000 to $69,000, and Ether’s price fell below $4,000 as well.
Avalanche (AVAX), another Layer 1 blockchain, has also had a significant price increase, with its token reaching $60, a figure last seen in May 2022. AVAX’s value has increased from $9 in October 2023.
Despite the uneven performance of Layer 1 blockchain assets, the GML1 Index, which tracks the performance of native tokens on these blockchains, has been flat for four days. This shows that positive and negative price movements have balanced each other out, resulting in an overall neutral performance.
As Solana approaches its all-time high price, the cryptocurrencycurrency community anxiously monitors the token’s performance, speculating on whether it will break its previous record and continue on its upward trajectory.
