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Solana, the blockchain network known for its speed and scalability, has witnessed an unprecedented surge in decentralized finance (DeFi) activity, propelling its native token, SOL, to new heights.
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After BOME’s impressive success, see why users are eagerly placing their SOL in a subsequent pre-sale, involving wallet transfers.
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Cryptocurrencies (especially meme coins) have been known to turn many into overnight millionaires in the past. This has happened again as a crypto trader was recently reported to have made $11 million from a single trade.
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A recent comparison was made between Solana (SOL) and Cardano (ADA). In response, Cardano’s founder, Charles Hoskinson, used the opportunity to throw what seemed like a subtle jab at the Solana network.
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What is CryptoSlate Alpha?
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Solana (SOL) is currently riding a wave of its own, rallying significantly in the last 24 hours to a 22-month high. Interestingly, there is reason to believe that FTX’s former CEO, Sam Bankman-Fried (SBF), might have contributed to this bullish momentum.
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Since the start of 2024, the Solana (SOL) price has not quite been able to replicate the strength with which it moved last December.
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Solana’s foremost meme coin, BONK, is again making headways on the charts and in its fundamentals. The meme coin’s ecosystem recently made significant strides, which are already having a positive effect and could provide further bullish momentum for the crypto token.
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In an exciting development, Phantom, a San Fransisco-based cryptocurrency wallet used in the Solana ecosystem, has witnessed a significant rise in its user base over the past year.
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Solana’s SOL has surged past Binance-backed BNB in the last 24 hours, securing its position as the fourth-largest digital asset by market capitalization.
Data from CryptoSlate showed that SOL’s market cap is wavering around $50 billion, marking its first foray past this threshold since December.
Crypto analyst Jacob recently gave his thoughts on what to expect from the Ethereum, Solana, and Chainlink tokens. Based on his analysis, there could be significant price movements from these major altcoins soon enough.
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Solana has now recovered back above $100 after the FUD due to the outage earlier, leading to a bottom formation for the cryptocurrency.
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