- Solana token has surged to its May 2022 high.
- Key tokens in the ecosystem have continued their bull run.
- Solanium, Samoyedcoin, Bonk, and IoTeX have soared.
Solana price remarkable comeback continued this week as demand for its ecosystem rose. The SOL token surged to a high of $84.67 on Thursday, its highest level since May 2022. It has risen by more than 860% from its lowest point this year, giving it a market cap of over $35 billion, making it the fifth biggest coin after Bitcoin, Ethereum, Tether, and BNB token.
Solana’s rally has been triggered by the spectacular surge of key players in the ecosystem. IoTex, a leading player in the Internet of Things (IoT), was one of the top-performing coins as it jumped by more than 31% in the past 24 hours. As it jumped, the token’s market cap jumped to more than $603 million. IoTex integrated with Solana in October.
Meanwhile, Solanium token surged to $0.43, a 34% increase from the same period on Wednesday giving it a market cap of over $42 million. Solanium is a multichain launchpad that helps new projects raise capital from investors. It has raised over $16 million in funds from over 82k participants in the past few months.
Solend price jumped by over 30% even after the network announced plans to expand in Sui, the blockchain network that sponsors RedBull Racing. Solend is one of the biggest DeFi networks in the Solana ecosystem.
Meanwhile, meme coins in the ecosystem are thriving. Samoyedcoin, which is a relatively new meme token, rose by over 29%. Its market cap has jumped to $91 million, making it one of the fastest-growing tokens in the industry.
Bonk token has has jumped, pushing its total market cap to over $1.2 billion. This makes it the 59th biggest token in the world. It is bigger than Bitcoin Ordinal’s ORDI, Helium, Sandbox, and Theta Network.
Additionally, Orca’s exchange has continued to gain market share in the crypto exchange industry. It has become the fourth-biggest DEX in the world as it handled over $458 million in assets in the past 24 hours. Only dYdX, Vertex Protocol, and Uniswap are bigger.
Therefore, this performance means that the sky is the limit for Solana price as we move into this altcoin season. Initially, I suspect that the coin will surge to over $100 in the coming weeks. If this happens, it could continue rising as bulls target the resistance at $200. This will likely happen after the SEC approves Bitcoin ETFs and ahead of Bitcoin halving in April.
