The post Top 3 reasons why Solana price rally has more room to go appeared on BitcoinEthereumNews.com.

Solana price has regained momentum and jumped for five consecutive days and reached its highest point since Dec.6. Solana (SOL) rose to a high of $245 on Saturday, up by 42% from its lowest point this month, bringing its valuation to $117 billion. It has become the fifth-biggest cryptocurrency after Bitcoin, Ethereum, Ripple, and Tether. Source: CoinGecko Here are some top reasons why SOL spiked and why that rally will likely continue.  Solana’s ecosystem growth Solana has jumped because of the ongoing ecosystem growth. Its meme coins have grown and accumulated over $22 billion in market cap. Official Trump (TRUMP), which President-elect Donald Trump unveiled on Jan. 17, has a valuation of $4.4 billion. The other popular meme coins in the ecosystem are Bonk (BONK), Dogwifhat (WIF), and Pudgy Penguins (PENGU).  Solana is also a big player in the non-fungible token industry. According to CryptoSlam, Solana’s NFTs had over $81 million in sales in the last 30 days, making it the third-biggest player after Ethereum and Bitcoin.  Solana’s ecosystem may continue growing because of its faster transaction speeds, lower costs, and the popularity of its Decentralized Exchange networks. Data shows that Solana’s DEX networks handled $32.2 billion in the last seven days, higher than Ethereum’s $9.2 billion. This growth has led to higher network fees, which totaled $820 million in the last 365 days and $77 million this year. Some of these funds flow to Solana stakers; they’re receiving a 7% yield. Solana revenue and fees | Source: TokenTerminal SOL ETF hopes are steady Solana price has also rallied as investors anticipate the potential ETF approval by the Securities and Exchange Commission. A Polymarket poll places those odds at 77%, meaning that the agency under Paul Atkins may be more open to approval. A Solana ETF would likely lead to…

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Filed under: News - @ January 18, 2025 3:25 pm