Ethereum

Cryptocurrency

Solana

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 <p class="paragraph">As most assets in the cryptocurrency industry are trading back in the green and the sector as a whole has grown its market capitalization to $1.65 trillion, some are performing better than others, particularly Solana (SOL), which has received an influx of over $2 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> in a single day.</p>
 <p class="paragraph">Specifically, the market cap of Solana has increased from $41.79 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> to $44.17 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> in just 24 hours, which means that it has added as much as $2.38 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> and grown by 6.5% during this time, according to the most recent <em>CoinMarketCap</em> data retrieved on February 2.</p>
 <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/v73-imybOqiPnsbD0hdQcXaYICxsCeadwhtYSckz9-9Aj3Svc8FQbpMKXGINjufDd37RG4iDFcMcw-Qyv3h-m_GW2-FmuMxr0reX-qCK4GxMIgRihBG1Z2Xy_b8oX-76e4NG79B49DkUihWaNBoNEac" alt>
  <figcaption class="wp-element-caption"><em>Solana 24-hour market cap chart. Source: </em><em>CoinMarketCap</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-solana-price-analysis">Solana price analysis</h2>
 <p class="paragraph">Meanwhile, the fifth-largest crypto asset by market cap has managed to surpass the coveted psychological price mark at $100 and is currently changing hands at $101.58, recording an advance of 5.96% on the day and a 12.57% gain across the week, as it moves to erase the 5.27% drop on its monthly chart.</p>
 <figure class="wp-block-image alignleft"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/5brVBidJHHWSAIDt691xnDuXHJdk0sxtIm4HukY9ACmpnWqoPkvrWAqqKDH5aebQnsUO6Z7bWJCSInYemNTFm4CTCkjyPmtBiIVwHD-fPG15ZCDEaOdEAAMukDnv9NyyeydBCaVv5ZV-Idz5s14Yp3c" alt>
  <figcaption class="wp-element-caption"><em>Solana 7-day price chart. Source: </em><em>Finbold</em>
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 <p class="paragraph">As it happens, Solana’s massively bullish market cap and price performance coincide with an increase in the activity on its network, which in January topped a multi-year high at $1 trillion in transaction volume, growing 30% since December, at levels not seen since September 2022, as per <em>The Block </em>data.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="537" src="https://cdn.thebittimes.com/images/2024/02/02/c2e28067ca552dd7639a43ea6ea024ba.webp" alt class="wp-image-152756" srcset="https://cdn.thebittimes.com/images/2024/02/02/c2e28067ca552dd7639a43ea6ea024ba.webp 1024w, https://cdn.thebittimes.com/images/2024/02/02/c2e28067ca552dd7639a43ea6ea024ba.webp 300w, https://cdn.thebittimes.com/images/2024/02/02/c2e28067ca552dd7639a43ea6ea024ba.webp 768w, https://cdn.thebittimes.com/images/2024/02/02/c2e28067ca552dd7639a43ea6ea024ba.webp 1536w, https://cdn.thebittimes.com/images/2024/02/02/c2e28067ca552dd7639a43ea6ea024ba.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Solana value moved on chain. Source: The Block</em>
  </figcaption>
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 <p class="paragraph">Moreover, the number of registered addresses on its blockchain exceeded 10 million in January, which is the largest figure since May 2022, when the number of crypto wallets on the Solana network reached 11.72 million, demonstrating growing interest and engagement.</p>
 <p class="paragraph">Furthermore, the often-touted ‘Ethereum killer’ made news for dethroning Ethereum (ETH) in the 24-hour decentralized exchange (DEX) volume, recording a weekly volume increase of 15.34%. In comparison, its main competitor lost 12.44%, as Finbold reported on February 1.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/over-2-billion-inflows-into-solana-in-a-day-why-sol-is-pumping-tbt78644.html">https://thebittimes.com/over-2-billion-inflows-into-solana-in-a-day-why-sol-is-pumping-tbt78644.html</a></p>

Over $2 billion inflows into Solana in a day; Why SOL is pumping

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