The price of Solana is quickly approaching $200 for the first time since December 2021 and the token is currently down about 20% from its all-time high.
The price of SOL has increased 16% in the past 24 hours and has a market cap of $84.7 billion. The market cap has surpassed the previous all-time high reached in November 2021 and is setting new all-time highs. While Solana is priced lower than its previous peak, the supply has increased significantly, resulting in a higher market cap.
While the cryptocurrency market has seen a strong recovery in recent months, many leading cryptocurrencies have experienced a pullback in the past few days. For example, Bitcoin has dropped back from $73,000 to $69,000 and ETH has fallen below the $4,000 mark. However, the price of Solana has bucked this latest trend.
Avalanche, another Layer-1 blockchain, has also seen a recent price surge. Its token has risen to $60 and is currently returning to the price range last seen in May 2022. It has increased from only $9 in October 2023.
