On March 17th, 2024, Solana crossed $200 for the first time since December 2021. This marks a significant moment for the crypto markets, shining the spotlight on Solana. Solana currently stands as the fifth largest crypto asset by market capitalization, totaling ~$89,112,806,608.63 at the time of this writing.
Why is Solana going up?
Solana’s Network Activity
Solana's total value locked (TVL) – the total amount of money in its system – reached $4.325 billion, up +182% from $1.533 billion at the beginning of 2024. This increase shows that many people use the Solana network, especially for DeFi (a way to do financial activities like lending or borrowing online without a middleman). As SOL, the native cryptocurrency of Solana, is needed for participating in activities within its ecosystem, there has been an increase in people buying SOL.
Imagine Solana as a marketplace where the total sales have soared to 182% from the year's start, showing just how popular the marketplace has become. To engage in this marketplace, SOL, its exclusive currency, is required. As more people come to shop, the demand for SOL spikes, encouraging even more shoppers to get their hands on SOL to join in on the buying spree.
Bull Market Sentiment
The crypto market is in the midst of a Bull Run, with the global crypto market cap reaching approximately $2.64 trillion, marking a +44.00% increase since the year began. This period of growth with the increased confidence among retail and institutional investors is driving widespread optimism in this crypto sector.
Where is Solana going from here?
With the growing positive sentiment and escalating momentum in the crypto markets, Solana has the potential to exceed its all-time high of $260.00. However, it's important to remember that various factors, including market demand shifts and economic trends shape Solana's performance. Meanwhile, the continuous and significant trend of buying and selling SOL indicates a robust market activity that shows no signs of stopping.
At iTrustCapital, you can buy and sell SOL in a tax-advantaged IRA. Want to learn why people are buying SOL in tax-advantaged IRAs? Click below to learn.
DISCLAIMER
This article is for information purposes only. It does not constitute investment advice in any way. It does not constitute an offer to sell or a solicitation of an offer to buy or sell any cryptocurrency or security or to participate in any investment strategy.
iTrustCapital is a cryptocurrency IRA software platform. It is not an exchange, funding portal, custodian, trust company, licensed broker, dealer, broker-dealer, investment advisor, investment manager, or adviser in the United States or elsewhere. iTrustCapital is not associated with and has no direct relationship with SOL. iTrustCapital is not affiliated with and does not endorse any particular cryptocurrency, precious metal, or investment strategy.
Cryptocurrencies are a speculative investment with risk of loss. Precious metals are a speculative investment with risk of loss. Cryptocurrency is not legal tender backed by the United States government, nor is it subject to Federal Deposit Insurance Corporation (“FDIC”) insurance or protections. Clients do not receive a choice of custody partner. The self-directed purchase and sale of cryptocurrency through a cryptocurrency IRA have not been endorsed by the IRS or any regulatory agency. Historical performance is no guarantee of future results.
Some taxes and conditions may apply depending on the type of IRA account. Investors assume the risk of all purchase and sale decisions. iTrustCapital makes no guarantee or representation regarding investors’ ability to profit from any transaction or the tax implications of any transaction. iTrustCapital does not provide legal, investment or tax advice. Consult a qualified legal, investment, or tax professional.
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