Solana’s Market Dominance Rises as Price Surges 33%

Solana (SOL) has its market dominance climb to 3.45% after a tough 2022. Data indicates renewed interest in the crypto market is helping SOL regain its footing.

Data from Into The Cryptoverse (ITC) highlights Solana’s steady recovery following a significant bear market that led to a sharp decline in both price and market capitalization. The accompanying chart shows that SOL’s dominance peaked at nearly 4% during the 2021 bull run but fell substantially in the months that followed.

However, Solana has since regained ground, showing consistent improvements in its market share. Since mid-2023, SOL’s market capitalization has hovered around $80 billion, currently sitting at $73.47 billion. This is an impressive rebound from below $10 billion in 2022.

In terms of price, Solana’s price also experienced extreme volatility during this period. After reaching an all-time high of $260 in 2021, SOL’s value plummeted to $11 during 2022 and early 2023. Now, the token has surged to $156, a 714% increase over the last year.

It is worth clarifying that Solana’s market dominance reached 3.45% only when excluding the valuations of stablecoins. Otherwise, its dominance is at 3.26%, according to data from TradingView. The dominance fell by 5.69% in the past six months but has risen 1.58% in the past week.

Solana Rebounded by 33% Since Dip

The rise in dominance has been reflected in the price. Earlier this month, Solana traded at $121.06, its lowest price in September. But the coin is now on an uptrend, reaching $160.98 on Friday, a massive 33% rebound from the recent low.

Meanwhile, Bitcoin remains the largest cryptocurrency by dominance, currently 57.64%, a 7.55% increase in the last six months. Bitcoin’s price also mirrors the dominance movement, trading at $65,634, a 10.2% increase in the past month.

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