how SOL price outperforms the crypto market

You probably haven’t noticed Solana (SOL)’s huge rise recently.

The SOL price finally broke through the $100 mark last night. The last time SOL reached this high was 20 months ago, in April 2022.

The entire crypto market has seen a rapid increase since mid-October, but none of the major crypto coins is performing as strongly as Solana.

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2021 bull market winners, 2022 bear market losers

To figure out why Solana does so well, we have to look back. Solana was one of the big winners of the 2021 bull market.

The price had increased by up to 17,000% between January 1, 2021 and November 6, 2021, from $1.52 to around $260.

However, in the following months, the price suffered a sharp decline like the rest of the market. The network also failed several times and that didn’t exactly contribute positively to its reputation.

Cryptocurrency Terra Luna and FTX crash

SOL price appeared to find support around the current price of $100 in April 2022, but then the LUNA crash followed in May 2022. This put severe pressure on the market and led to the collapse of several major crypto companies.

One of these companies was none other than FTX, one of the largest crypto exchanges in the world at the time.

FTX was the largest SOL investor, but in November 2022 the stock market collapsed. The company then had to sell SOL tokens en masse, causing the price to plummet more than the rest of the market.

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Solana even briefly fell below $10 a year ago, a drop of 97% All-time high.

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The recovery of the Solana price

One of the main reasons for the huge increase is that Solana had a lot of room to recover. SOL took a harder hit than the competition.

Another factor is the popularity of new ones Memecoins on Solana. For example, the prices for Bonk (BONK) and Dogwifhat (WIF) have recently risen sharply. This resulted in the Solana Saga phone selling like hot cakes in the last few weeks.

SOL reached $117 last night, its highest price since early April 2022. At the time of writing, SOL is at $114.

This means that the price has increased by 20% in the last 24 hours. The price has increased by almost 60% in the last 7 days and already by 100% in the last 30 days.

In fact, SOL is up 490% in the last 90 days and is up a whopping 900% year-over-year. However, SOL is still 56% below its all-time high.

Solana has also reached a market cap of $49 billion, putting it above XRP and BNB.

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