SOL price roared to a 2023 high above $84. Cointelegraph investigates what is behind the rally.
Solana’s native token (SOL) saw a 13.8% increase on Dec. 20, surpassing $82 for the first time since May 2022. This 33.5% rally over the past two weeks led Solana to overtake Ripple (XRP) in terms of market capitalization for the first time, making it the fourth-largest cryptocurrency, excluding stablecoins.
Notably, some analysts are now questioning whether Ether (ETH) can sustain its leadership, considering that the Solana Network offers cheaper and faster transactions.
Trader Evanss6’s post on the X social network explains that Solana’s emphasis on mobile accessibility is precisely what crypto projects need to attract new users that do not care “if the chain is adequately decentralized or if its base asset is a non-sovereign money contender.” In essence, Solana’s user experience outpaces the competition, particularly for token and NFT launches, whether the project demands high processing capacity or simply benefits from low transaction costs.
