Solana (SOL) has reached new highs in 2023. The virtual currency moved from close to $10 in January to over $56 at the time of writing. This shows that there is a clear bullish sentiment around this virtual currency. In just 7 days, Solana grew by 37%, registering the 7th fastest growth this week among the top 100 cryptocurrencies.
Solana (SOL) Reaches 2023 Highs
The cryptocurrency market has given very positive news to investors as multiple virtual currencies have started a new bull trend. While Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), showed very positive gains, Solana has attracted the attention of investors as it massively surged in recent weeks.
But what’s the key reason behind this recent price increase in SOL? One of the things that could be linked to this recent growth is the ecosystem growth that Solana experienced in the last few days. At the same time, Decentralized Applications (dApps) on Solana have also seen a larger number of users compared to previous months.
According to data shared by CoinGecko, Solana is the 5th largest blockchain ecosystem in the market after Bitcoin, Ethereum, Binance or Ripple. Therefore, there is a clear potential for Solana’s decentralized applications.
At the time of writing this article, SOL is being traded at around $56.5 per coin and it has a market capitalisation of $23 billion.