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 development, asset administration large and Bitcoin exchange-traded fund (ETF) issuer Franklin Templeton anticipates additional enlargement for Solana because the rising bull market takes form.
Solana Poised For Continued Progress
A latest report launched by the agency highlights Solana’s robust place to seize the subsequent wave of crypto adoption, solidifying itself as a serious crypto asset alongside Bitcoin and Ethereum.
The report emphasizes that Solana’s development will proceed because of a number of key components. Notably, the crypto trade witnessed accelerated exercise throughout This autumn 2023, with Solana as a focus for main airdrops inside its ecosystem, corresponding to Jito and Pyth.
In keeping 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, significantly meme cash. This surge occurred concurrently with Bitcoin’s upward development, 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 cash, with some attaining multi-billion-dollar market caps, together with Bonk (BONK) and Dogwifhat (WIF).
The Crypto Business’s Subsequent Large Breakthrough?
In keeping with the asset supervisor, Solana has demonstrated vital development over the previous yr, which is clear within the community’s elevated whole charges and decentralized change (DEX) volumes. The community’s low charges, 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 developments within the crypto area.
The longer term stays unsure as crypto fans ponder the subsequent large factor within the trade. Nonetheless, Franklin Templeton suggests that there’s a robust risk that Solana might play a pivotal function.
In keeping with the report, the Solana ecosystem anticipates extra airdrops within the coming months, which is able to 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 making an attempt to consolidate above the $150 degree and has seen a big 21% improve within the final seven days alone.
Featured picture from Shutterstock, chart from TradingView.com
Disclaimer: The article is supplied for instructional functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your individual analysis earlier than making any funding selections. Use info supplied on this web site totally at your individual danger.