- SOL price has surged nearly 9% in 24 hours to over $50 per coin, up 128% in the past month, allowing its market cap to approach stablecoin USDC’s $42 billion market cap.
- SOL’s massive rally has been fueled by increased adoption from major players like Visa and Shopify, as well as a vicious short squeeze as short sellers rapidly close positions.
- Despite recent gains, SOL remains 80% below its all-time high. But with momentum building, it seems positioned to challenge Ethereum and become a leading blockchain.
Solana (SOL) has seen impressive gains recently, touching $50 per coin and nearing the market cap of stablecoin USDC. The speedy and low-cost blockchain has attracted major companies like Visa and Shopify. After being battered by the FTX collapse, SOL is staging a remarkable comeback.
SOL Price Surges Nearly 9% in 24 Hours
SOL is currently trading at $50.61, up almost 9% over the past day. The 7th largest cryptocurrency by market cap has climbed 24% over the past week. Looking back 30 days, SOL has skyrocketed 128%, far outpacing other major cryptos.
SOL Market Cap Closes in on USDC
SOL’s market cap now sits at $21 billion after adding over $3 billion in 24 hours. Meanwhile, USDC has a market cap of $42 billion. If SOL continues its meteoric rise, it could soon surpass the stablecoin in market value.
Short Squeeze Fuels Massive Rally
SOL plunged last November when FTX went bankrupt. But increased adoption and a vicious short squeeze have powered SOL’s comeback. With short sellers rapidly closing positions, the price exploded higher. Despite huge gains, SOL remains 80% below its all-time high.
Major Players Embrace Solana Blockchain
Visa, Shopify and others choosing Solana for its speed and low fees versus Ethereum has restored faith in the network. SOL was also mentioned in FTX founder Sam Bankman-Fried’s trial, temporarily spurring short selling. But this ultimately backfired, feeding the short squeeze.
Wider Crypto Market Rallies
Beyond SOL, Bitcoin tapped an 18-month high on SEC crypto ETF hopes. Smaller altcoins like Tron and Optimism posted solid gains around 5%. Bullish sentiment has lifted all boats, with major cryptocurrencies up weekly. But SOL’s parabolic breakout has far outpaced the broader rally.
Conclusion
After a disastrous 2022, SOL is leading the crypto recovery in 2023. With deep-pocketed backers and surging adoption, Solana seems poised to challenge the market dominance of Ethereum and cement its status as a top blockchain.
