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Solana’s Market Dominance Rises as Price Surges 33%

Solana’s Market Dominance Rises as Price Surges 33%

CoineditionCoinedition2024/09/27 16:00
By:Abdulkarim Abdulwahab
  • Solana (SOL) has regained market dominance to 3.45% following a challenging 2022.
  • The token’s market cap has stabilized at $73 billion, recovering from below $10 billion.
  • SOL’s price has surged 33% to reach $156 after a recent low of $121.

Solana (SOL) has its market dominance climb to 3.45% after a tough 2022. Data indicates renewed interest in the crypto market is helping SOL regain its footing.

Data from Into The Cryptoverse (ITC) highlights Solana’s steady recovery following a significant bear market that led to a sharp decline in both price and market capitalization. The accompanying chart shows that SOL’s dominance peaked at nearly 4% during the 2021 bull run but fell substantially in the months that followed. 

However, Solana has since regained ground, showing consistent improvements in its market share. Since mid-2023, SOL’s market capitalization has hovered around $80 billion, currently sitting at $73.47 billion. This is an impressive rebound from below $10 billion in 2022.

Solana’s Market Dominance Rises as Price Surges 33% image 0 Solana’s Market Dominance Rises as Price Surges 33% image 1

In terms of price, Solana’s price also experienced extreme volatility during this period. After reaching an all-time high of $260 in 2021, SOL’s value plummeted to $11 during 2022 and early 2023. Now, the token has surged to $156, a 714% increase over the last year.

It is worth clarifying that Solana’s market dominance reached 3.45% only when excluding the valuations of stablecoins. Otherwise, its dominance is at 3.26%, according to data from TradingView. The dominance fell by 5.69% in the past six months but has risen 1.58% in the past week.

Solana Rebounded by 33% Since Dip

The rise in dominance has been reflected in the price. Earlier this month, Solana traded at $121.06, its lowest price in September. But the coin is now on an uptrend, reaching $160.98 on Friday, a massive 33% rebound from the recent low.

Meanwhile, Bitcoin remains the largest cryptocurrency by dominance, currently 57.64%, a 7.55% increase in the last six months. Bitcoin’s price also mirrors the dominance movement, trading at $65,634, a 10.2% increase in the past month.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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