The worth of solana is quickly approaching $200 for the primary time since December 2021 and the token is now about 20% off it is all-time excessive.
Solana SOL
+13.52%
‘s value is at the moment $196, based on The Block’s Value Web page. It is up 16% within the final 24 hours and has reached a market cap of $84.7 billion. The market cap has risen increased than the height market cap seen in November 2021 and is setting new all-time highs. Whereas solana has a lower cost than at its earlier peak, the availability has elevated significantly, leading to a better market cap.
Whereas the crypto markets have rallied exhausting over the previous few months, many high cryptocurrencies have skilled a pullback over the previous few days. As an illustration, bitcoin has dropped again from $73,000 to $69,000 and ether has fallen again under the $4,000 mark. Nevertheless, solana’s value has bucked this newest pattern.
Avalanche, one other Layer 1 blockchain, has additionally seen a current value rally. Its token has jumped to $60 and is now again to a value vary final seen in Might 2022. It is up from simply $9 in October 2023.
Because of combined efficiency amongst Layer 1 blockchain tokens, they’ve remained flat general. The GML1 Index, which tracks the efficiency of native tokens for Layer 1 blockchains, has stayed degree for 4 days — displaying the optimistic and unfavorable value modifications counteracting one another.
Tokens related to Layer 2 networks haven’t carried out as nicely. The GML2 Index has dropped sharply as the costs of Layer 2 tokens have fallen decrease.
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Tim is the Editor-In-Chief of The Block. Previous to becoming a member of The Block, Tim was a information editor at Decrypt. He has earned a bachelor’s diploma in philosophy from the College of York and studied information journalism at Press Affiliation Coaching. Comply with him on X @Timccopeland.