Solana On the Rise: What’s Fueling the Surge?
Over the span of less than a month, Solana has witnessed an astonishing surge of over 80%, propelling its value to an impressive $39.80 at the time of publication. This price surge has ignited a wildfire of enthusiasm within the Web3 community as Solana’s rapid ascent continues to captivate investors and enthusiasts alike.
The reasons behind this rally are multifaceted, driven by a combination of factors that have led to Solana’s elevated standing in the crypto landscape. Primarily, the crypto market sentiment overall has notably improved, serving as a catalyst for Solana’s ascent.
Reasons Behind the Surge
Amidst the positive shift in crypto market sentiment, SOL is demonstrating a strong resurgence following the FTX collapse, rectifying its prior oversold state and converging toward its genuine valuation. It currently has a 24-hour market cap of $2,998,351,325.
Additionally, the highly anticipated Breakpoint Conference in Amsterdam, organized by the Solana Foundation, has generated considerable excitement and anticipation within the crypto community this week. With this only being the second annual Breakpoint, it shows that the Solana community still has ample space for expansion and development.
Jupiter Airdrop
Other factors are Jupiter Exchange’s recent announcements, first presented at Breakpoint. Jupiter announced an upcoming airdrop, and here are the key details:
- A substantial 40% of the total supply is designated for distribution among dedicated supporters of the exchange who have shown their loyalty over the past 24 months.
- The community allocation will be delivered in multiple rounds, with a total of four rounds planned to ensure widespread participation.
- This airdrop is expected to benefit approximately one million users within the Jupiter Exchange community.
- The primary objective of this airdrop initiative is to introduce a governance token.
- A significant portion, specifically 40% of the total supply, has been allocated for the airdrop.
Because of this announcement, individuals are eager to engage in numerous transactions in order to meet the criteria for eligibility in the upcoming airdrop. Please note that the exact date for the airdrop has not yet been disclosed.
In the chart below, there is a noticeable surge in activity during Week 42, which corresponds to the transition from the end of October to the beginning of November. Some of the most popular Solana coins trading on the exchange with the most volume include $Bonk, $Manlet, $Pepe, and $Guac.
Solana NFT Activity
Although Solana NFTs haven’t reached the level that the crypto itself is reaching, data from Dapp Radar shows that there has been a slight increase in unique wallets on Magic Eden in the past 30 days. However, transactions and overall volume are still down compared to numbers in 2022 and January 2023, where there were around one to two million transactions a day.
However, It’s worth noting that specific NFT collections are experiencing significant increases in value and volume, including Claynosaurz, Okay Bears, and Mad Lads. During this week, Magic Eden also served as the primary sponsor of ApeFest in Hong Kong, enhancing Solana’s presence in the broader Web3 arena and gaining recognition among Ethereum enthusiasts.
In the summer of 2021, the beginning of the phrase “Solana summer” was indeed a hyped and memorable moment in the crypto world. However, the recent surge in Solana’s value suggests that the excitement and momentum surrounding this blockchain platform might be making a resurgence, albeit in a different form. Time will tell, but Solana is one to watch.