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Solana, the groundbreaking blockchain platform conceived by former Qualcomm engineer Anatoli Yakovenko in 2017, has achieved a significant milestone by clinching the esteemed Crypto of the Year award for its token (SOL), awarded by CoinMarketCap (CMC).
This achievement is solid evidence that Solana has an exceptional run in the crypto market, made even more evident by its massive surge to $130. CoinMarketCap's decision to recognize Solana alongside other prominent projects like Bonk and BlackRock underscores the platform's remarkable growth and resilience in the rapidly evolving crypto landscape.
Exemplary Performance Amidst Challenges
Solana's recent handling of the unprecedented surge in network activity during the Jupiter airdrop is a testament to its efficiency and scalability. Despite transaction slowdowns, Solana managed around $1 billion of DeFi trading volume within just three hours, further showing its potential to create new innovations in the blockchain sector. This event underscores Solana's robust architecture and capacity to bridge the gap to traditional finance.
Solana's Price Change
Solana's journey in the crypto market is characterized by resilience and remarkable price volatility.
However, Solana's (SOL) price swiftly gained momentum once it hit exchanges, soaring from $0.50 to $1 by July 2020. The upward trend continued, reaching a massive peak of $10 in March 2021. The project also attracted significant venture capitalist interest, which led to a substantial $300 million funding round in June 2021. This further boosted SOL's upward trajectory.
According to Coingape, this sudden rise led to a surprisingly sharp decline as the crypto sector started its bearish trend. This was made worse with the FTX collapse.
This event led to a drastic plunge in SOL's price, hitting lows of $8.42, representing a staggering -96.76% drop from its ATH. By 2023, SOL's price had surged by an impressive 669%, reclaiming significant ground to reach $76.64, marking a testament to Solana's enduring presence in the crypto sphere.
According to an Invezz report, the blockchain platform's scalability and speed have made it a leader in the industry and earned it widespread recognition from investors and developers.
Solana's price is $145.29, up 12.8% in the past 24 hours and 616% over the past year. This steady growth further underscores Solana's position as a leading force in the cryptocurrency market, poised for continued success.
Photo: Guerillabuzz/Unsplash
