Solana’s price rise so far this year has seen it become the fifth-largest digital asset by market capitalization after surpassing the native token of the XRP Ledger, XRP. Solana’s price rose more than 770% so far this year, as it recovers from the collapse of FTX.
Before collapsing FTX had heavily supported the Solana ecosystem and was heavily invested in a number of tokens on the network, including SOL itself. The collapse affected Solana by association, but the network has been steadily recovering.
At the time of writing, Solana is the fifth-largest cryptocurrency by market capitalization with $37.45 billion of market capitalization, above XRP’s $33.5 billion market capitalization. Both digital currencies fall behind BNB’s $40.7 billion market capitalization, but stand in front of USDC’s $24.8 billion.
Solana has been outperforming most other leading cryptocurrencies, rising over 54% over the past month. In comparison, Bitcoin is up around 17.7% over the same period, while XRP rose by just 0.6%.
Solana’s ecosystem has been seeing growing adoption, with its Saga smartphone, which once faced sluggish sales, selling out recently over a lucrative 30 million BONK token airdrop for each new owner of the phone.
At its high, the airdrop was estimated to be worth more than the smartphone’s $599 price tag, meaning users could get their hands on a new smartphone and still make a profit off of just the airdrop.
Analysts believe SOL’s price may keep on rising, however, with a popular cryptocurrency strategist who has gained a large following on social media after accurately calling Bitcoin’s 2018 bear market bottom above $3,000 predicting a major surge for it in the near future.
Meanwhile, XRP’s sluggish performance comes even after it formed a rare bullish pattern on its chart that prompted an analyst to call for a “parabolic move” for the cryptocurrency.
Featured image via Unsplash.
