"Do you think the price can continue to rise to $80?"
Immediately after hitting $77, Solana cryptocurrency gradually bounced back below $64 on December 13, 2023 but the price quickly bounced back to reach over $76.
Please be informed that the SOL price increase has been driven by three factors, among which is the Federal Reserve (Fed) meeting on 13 December 2023 regarding the expectation of three interest rate cuts throughout 2024.
Not only that, the increase in the price of SOL is also due to the increasing demand for the SPL* token when its team integrates with the well-known crypto exchanges Coinbase and Binance.
*Defining operational standards for fungibles and NFTs on the SOL blockchain
The airdrop for the liquid staking protocol that generated more than $14,300 for each participant based on the current price of Jito (JITO)** at $2.90 also drove huge demand for SOL as traders had to interact with the decentralized ecosystem application to get the airdrop.
*The second largest LST protocol for SOL users who want to trade and borrow against SOL tokens they have locked with validators
Through observation, SOL network data showed a 12% increase in seven-day transactions while the volume of decentralized applications (DApps) of the digital asset also jumped 83% followed by the non-fungible token (NFT) market Rarible which has 510,940 active addresses.
Total value locked (TVL) in the SOL network meanwhile reached its highest level since November 2022 before the collapse of FTX, where the current TVL of $930 million represents 80% growth over the previous month.
So here it can be seen that the upward momentum of the SOL price is a follow up from a better regulatory environment, increased demand for SPL tokens and airdrops and higher network activity including the DeFi and NFT markets.
As of this writing, SOL price has surged by 5.78% to $76 in the last 24 hours with a market capitalization of $32 billion further recording a 5.83% increase over the last week.
