Within the wake of the November 2022 crypto market crash, which noticed the chapter and collapse of FTX and different companies, Solana (SOL) has emerged as a standout performer, experiencing a year-to-date worth improve of over 560%.
With a market capitalization of $67 billion, Solana has secured its place because the fifth largest cryptocurrency, trailing solely Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Tether’s USDT stablecoin.
Regardless of its substantial progress, asset administration big and Bitcoin exchange-traded fund (ETF) issuer Franklin Templeton anticipates additional growth for Solana because the rising bull market takes form.
Solana Poised For Continued Development
A latest report launched by the agency highlights Solana’s sturdy place to seize the subsequent wave of crypto adoption, solidifying itself as a significant crypto asset alongside Bitcoin and Ethereum.
The report emphasizes that Solana’s progress will proceed as a consequence of a number of key elements. Notably, the crypto trade witnessed accelerated exercise throughout This fall 2023, with Solana as a focus for main airdrops inside its ecosystem, equivalent to Jito and Pyth.
In accordance with the report, these airdrops generated a wealth impact of over a billion {dollars}, driving up the worth of SOL and different Solana ecosystem tokens, notably meme cash. This surge occurred concurrently with Bitcoin’s upward pattern, offering extra momentum to the Solana ecosystem.
Since then, meme cash have gained vital consideration, with a considerable portion of exercise occurring on Solana. The community has witnessed the creation and buying and selling of quite a few meme coins, with some attaining multi-billion-dollar market caps, together with Bonk (BONK) and Dogwifhat (WIF).
The Crypto Trade’s Subsequent Large Breakthrough?
In accordance with the asset supervisor, Solana has demonstrated vital progress over the previous yr, which is obvious within the community’s elevated whole charges and decentralized trade (DEX) volumes. The network’s low fees, transaction latency, and excessive knowledge throughput relative to different networks have contributed to its success.
Solana’s community results are anticipated to strengthen additional as its efficiency improves, positioning it to seize upcoming traits within the crypto area.
The long run stays unsure as crypto fanatics ponder the subsequent large factor within the trade. Nonetheless, Franklin Templeton suggests that there’s a sturdy chance that Solana might play a pivotal function.
In accordance with the report, the Solana ecosystem anticipates extra airdrops within the coming months, which can proceed to reinforce the ecosystem’s wealth impact.
Furthermore, meme coin exercise reveals no indicators of slowing down on the Solana community, additional including to the bullish sentiment surrounding the cryptocurrency and its ecosystem.
SOL is now trying to consolidate above the $150 stage and has seen a major 21% improve within the final seven days alone.
Featured picture from Shutterstock, chart from TradingView.com
