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From Solana Saga Phone Buzz to Surpassing XRP in Market Cap: SOL's Rally to $84+

From Solana Saga Phone Buzz to Surpassing XRP in Market Cap: SOL's Rally to $84+

Key Takeaways

  • Solana (SOL) has surpassed XRP in market capitalization, exceeding $84, marking a significant milestone in its growth;
  • The Saga phone, accompanied by airdrops and token listings, played a pivotal role in fueling SOL's remarkable rally;
  • SOL's recent price rise reflects its network's robustness and capacity to attract sustained interest, positioning Solana as a formidable contender in the crypto space.

Solana (SOL) has surpassed XRP in market capitalization, reaching over $84 on December 20th, marking a 13.8% increase. The surge has propelled SOL to become the fifth-largest cryptocurrency as of writing.

This remarkable rise has sparked discussions about Solana's potential to challenge Ethereum's dominance due to its offering of faster and more cost-effective transactions.

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Several factors have driven SOL's recent price surge. For example, increased network activity and successful SPL token launches have played a crucial role.

Initially, Solana gained more attention on December 7th, when major exchanges listed SPL token JITO. JITO's market capitalization managed to surpass $300 million in hours, which was very impressive.

Though, the present upswing in SOL's price can somewhat be attributed to the fervor surrounding airdrops that led to the sell-out of Solana's Saga phone, causing it to command up to $5,000 on secondary markets.

Each Saga phone received 30 million BONK tokens, exceeding its $599 price tag. Coinbase's listing of memecoin BONK on December 14th surely was the turning point for that.

Trader Evanss6 highlighted Solana's user-friendly approach, essentially stating that Solana’s emphasis on mobile accessibility is precisely what crypto projects need.

However, SOL's rally extends beyond memecoins, as evidenced by its expanding decentralized applications (dApps) ecosystem. Three weeks ago, Solana's total value locked (TVL) was $654 million, now growing to $1.28 billion in a 96% increase, outpacing competitors.

The influx of deposits into the Solana network probably coincided with a notable uptick in activity within its dApps, with 875,250 unique active addresses interacting with them.

Overall, Solana's recent surge appears sustainable, as it is not solely dependent on a few airdrops and token launches. The network's ability to handle increased demand without downtime has garnered recognition.

Ain N., Lead Crypto Researcher
Ain is the Lead Crypto Researcher. Her vast experience with crypto and blockchain tech-related content allows her to identify the key pieces of information that should be presented to the learner, and ensure the validity of the gathered data.
With a degree in New Media studies, she has developed an extensive list of techniques to educate people via new, research-proven study models based on deduction and long-term human memory.
Ain approaches everything with unequivocal attention to detail. Her main goals are to erase the ambiguity surrounding many Web3 concepts, and to guide content writers in presenting difficult crypto-related concepts in an easy-to-understand manner.
Even though content strategy is her main passion, Ain also enjoys reading high-fantasy books and watching superhero movies.

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