Solana Surpasses $100

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Solana, which last surpassed $100 in May 2022, reached $112.4 on Monday, December 25, experiencing a 63% surge in its capitalization to $4.8 billion over the week.

The sharp increase in SOL trading volume over the weekend propelled the Solana network to the top spot in the DeFi decentralized finance market for exchange turnover, notably setting records on platforms like Uniswap.

Analysts attribute the cryptocurrency’s growth to heightened speculative activity, fostering increased interest and infrastructure expansion within the Solana ecosystem.

Notably more cost-effective than Ethereum, Solana attracts traders engaged in transactions with gaming blockchain application tokens.

Breaking the resistance at $60 at the end of November marked a significant milestone for Solana.

The surge in altcoin value coincides with a notable uptick in targeted activity, with open interest in Solana futures reaching $1.35 billion, and major crypto exchanges Binance and Bybit seeing traders deploy contracts worth $583.48 million and $424.83 million, respectively, according to CoinGlass.