Solana Rallies 1033% in 2023: Can the Bullish Momentum Continue?
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Excuse me for disturbing your holiday with a random post about cryptos. You should all know by now that Solana has risen an astounding 1033% so far this year surpassing $114. Yes, I know several other cryptocurrencies have risen 3000 and 5000 this year, but Solana is no silly altcoin with 5 decimals to the left that makes you excited for 2 days before bankrupting you later in the week.
Solana has now reached the top rank of Decentralized Exchange Volumes (DEX) at 40%– meaning it has processed 40% of all decentralized exchange transactions, surpassing Ethereum, Polygon, and Avalanche. It has also hit the top rank of decentralized active users (DAU) ahead of Ethereum, Cardano, Polygon and Avalanche.
Finally, Solana reached 3rd in the ranking of market capitalization . I remember entering Solana in the spring of 2021 near $60 setting a target of $200, but allowed greed to get the best of me, staying through the $259 peak and watching it retrace more than 70%.
But Today is a different story. I informed my group over the weekend about my crypto portfolio (Bitcoin, two altcoins, and a basket of BTC miners). Solana is one of those two altcoins. As traders realize Solana broke above the psychological $100 level but is 150% below the record high when fundamentals were far below current levels (adoption, use, ecosystem), imagine the wall of new money.
Solana-Weekly Chart
