Can Solana reach $100?

As the end of 2023 draws closer and optimism returns to the cryptocurrency industry, some of its assets have recorded more impressive results than others, both recently and since the year’s start, including Solana (SOL), which has increased its price by over 780% this year. 

Specifically, the current price of Solana, which at press time stood at $85.51, reflects a massive 782% gain on its year-to-date (YTD) chart. Additionally, it represents the culmination of the steady growth during the last two months, according to the most recent information retrieved by Finbold on December 21.

Solana year-to-date (YTD) price chart. Source: Finbold

On top of that, it has added as much as $4 billion to its market capitalization in as little as the last 24 hours, overthrowing XRP from its position as the fifth-largest crypto asset by this indicator, as per the latest data obtained from the crypto market monitoring platform CoinMarketCap on December 21.

Solana 24-hour market cap chart. Source: CoinMarketCap

On top of that, another bullish indicator is the sheer amount of assets staked on Solana’s blockchain, which by press time had exploded to a whopping $1.21 billion in total value locked (TVL), according to the latest information obtained from decentralized finance (DeFi) analytics platform Defi Llama.

Total value locked on Solana blockchain. Source: Defi Llama

Solana price analysis

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As things stand, Solana is currently changing hands at the price of $86.76, suggesting an increase of 13.1% in the last 24 hours, in addition to gaining 21.49% across the previous seven days and advancing by as much as 54.42% on its monthly chart.

Solana 7-day price chart. Source: Finbold

All things considered, Solana looks poised to continue its growth in the near future, possibly even to $100, particularly as crypto trading expert Ali Martinez predicted its surge to $90 earlier this month, when this digital asset made a successful close above $68, as Finbold reported on December 8.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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