Solana’s native token, SOL is surging constantly. With a 17% rise, it has broken resistance by touching $76 from December 7 to 8. It has reached its highest level since May 2022. Primarily, SOL’s price increase is due to Solana ecosystem improvements. Coinbase CEO Brian Armstrong proposed adding the Solana network and currency on December 1. The announcement boosted Solana tokens without an integration date. Bonk (BONK), a meme token on Bybit, KuCoin, and Solana’s decentralized exchange Orca, surged 236% from December 1 to 8.
The second major reason behind its pump is that SOL is constantly following BTC. In the last 8 weeks, it has followed BTC in 7 weeks. BTC has 8 green weekly candles while SOL has 7 green and 1 red weekly candle. However, from investors’ point of view, BTC has provided a 70% profit during the last 60 days while SOL has provided a whopping 275% profit in the same time.
Solana SPL Token Soars to $422 Million with 115 Million Tokens Circulating
On December 6, Coinbase added Jito (JTO), a Solana SPL token, enhancing its momentum. JTO quadrupled to $422 million on December 7. About 115 million JTO tokens circulated. Jito, the Solana blockchain-based liquid staking protocol governance token, airdropped 80 million tokens to early users, validators, and contributors. Jito staked SOL with 9,900 addresses, yielding 4,941 JTO tokens per participant.
Staking SOL earns JitoSOL, a derivative token, in Jito, a DeFi program. This increases customer flexibility and yields. Like Ethereum’s Lido, the network’s novel approach attracts users. Airdrops may boost Solana ecosystem SOL coin demand. JTO has $606,000 in Binance liquidity, exceeding the $4.83 billion decentralized exchange governance token Uniswap.
JTO was launched on Binance two days earlier and since then it has doubled its price.
Analysts and Solana specialists found more airdroppable point-based schemes. MarginFi, Tensor, Jupiter, Kamino, and Parcel are initiatives. Professionals have compiled a Solana airdrop guide.
Arthur Hayes Foresees $100 SOL Price
MitMEX founder and crypto analyst Arthur Hayes has today predicted that SOL is going to reach $100. Interestingly, Solana sold only 2,500 Saga cellphones, less than 10% of their expected minimum user base. Anatoly Yakovenko, Solana co-founder, suggested a plan change during project evaluation. Progressive online apps that avoid Android and iOS app store fees are driving this.
While smartphone sales and DeFi have suffered, SOL’s coin has surged because of Solana network activity and deposits. DeFiLlama TVL has risen 36% since November 15, suggesting network engagement. Solana’s DEX activity rose 65.7% last week, boosting her mood. Its competitors Ethereum and BSC Chain have grown too.
Solana’s NFT market saw 16,489 purchasers and a $15.2 million surge in 24 hours. Selling $4.6 million, the Tensorians collection impacted Solana’s NFT marketplaces. Quekz ($832,000) and Mad Lads ($1.7 million) followed.
SPL tokens’ admission into major exchanges, increased activity in the DeFi and NFT sectors, and the expectation of more airdrops after Jito’s successful launch have raised SOL’s price beyond $75. Arthur Hayes optimistically anticipates that Solana’s native token will reach $100. It will contribute to the ongoing positive momentum driven by recent developments, including successful projects and token listings.