Most assets in the cryptocurrency market have been bullish since the beginning of 2023. However wither The rise was faster. The token was one of the tokens most severely affected by the FTX crash. It was trading at around $39 in November 2022. But by the end of 2022, it dropped to $8. It has been recovering quickly since then. A recent report from CryptoCompare has surfaced.
“SOL was one of the best performing assets in January, yielding 140% as it closed the month at $23.9.”
NEWS CONTINUES BELOW
Most asset prices consolidated in February. However, Solana continues to take upward steps. Let’s take the last few days for example. SOL has risen 32% since February 13. Dogecoin, the cryptocurrency right next to it in the rankings chart, rose only 11% in the same time frame.
Can Solana Pass Dogecoin?
As a result, the market value gap between the two is narrowing. According to data from Satiment, Solana’s market capitalization has exceeded $9.8 billion. The net worth of Dogecoin currently stands at $11.68 billion.
LEFT, equivalent as shown below dogecoinIt was able to contribute to the market value much more quickly compared to . The steep slope of its curve over the past few days also confirms this. Therefore, if Solana continues to command and Dogecoin remains obedient, a forward turn is likely.
Koinfinans.com As we reported, Solana seems to be in a comfortable position when it comes to the basics. According to CryptoCompare, the total value locked in the Solana ecosystem increased 48.9% to $560 million in January. This was the “fastest growth in TVL compared to most other major Tier-1 blockchains.” The report described this increase as a “welcomed move” for the Solana ecosystem.
From a technical standpoint, there is also enough upside room for Solana to rally. As analyzed in an article yesterday, a rise to $37-38 is possible if the bullish momentum continues. This will mean a 40%+ increase for the asset.