Solana’s Value Gets a 500% Increase in 2024

It’s been a good year for Solana after it pushed through some tough times on the crypto market. This crypto coin struggled the whole year, but it managed to get a very strong comeback. Its value started to rise in early October and it managed to hit the $60 mark in just a month.

This is Solana’s best value since May 2022. It is still far away from its highest peak in November 2021, where it featured a price of $258.78.

Solana’s Massive Increase

Investors who hold Solana(SOL) coins are extremely satisfied with the latest price surge. Over the past month, this cryptocurrency got a 162.29% increase in its value. On the yearly scale, Solana made an incredible 500% surge.

It also managed to outplace the two biggest cryptocurrencies on the market, Bitcoin and Ethereum. This sudden increase is a result of the new holders who decided to join the Solana community, by injecting more cash. Additionally, there are some traditional companies that are interested in Solana’s tech.

Moreover, this altcoin has also generated some massive decentralized exchange numbers. In the first 12 days of November, Solana’s trading transactions got over $2 billion.

The featured DeFi exchanges are on the right way for smashing certain records. Also, the total value of Solana assets is sitting at over $500 million at the moment. We can even notice these positive remarks in Grayscale‘s Solana Trust shares.

They are currently trading with a staggering 800% premium. On the other hand, on November 10^th, the Secondary SOL shares were changing ownership for an incredible $202. This is a massive jump from the $20 value of the primary sales.

The Reasons for the Rise in Solana

Austin Federa, Solana’s Foundation Chief Strategy Officer, made an important statement regarding the increased value of the coin. He noted that the extraordinary effort of Solana founders is the main reason for these positive events.

Solana’s founders continued to upgrade the network’s technology despite the many challenges of the bear market. The recent performance improvements implemented by Solona were specifically highlighted by Federa. This comes after the platform’s performance issues during the 2021 bull run.

He explained that 18 months ago, there were a lot of influencers that tweeted about Solana’s architecture. This was something that was fundamentally flawed from the beginning.

Federa added that due to the bugs in the code base, these people would never be able to make it stable. At the end, he noted that most radical statements on Twitter such as these, turn out not to be true.

The Solana Breakpoint 2023 event was crucial as it served as a platform for revealing the developments of cryptocurrency. These expressions made a promise to reshape Solana’s trajectory.

The insights from Federa provide a peek into the strategies and innovative solutions that Solana is using to harden its position. These are very important features that every cryptocurrency must have in the unstable blockchain landscape.

It is worth noting that the value of Solana is around $58 at the time of writing this article. Let’s see if the trading price will remain this high in the coming weeks.