The price of Solana (SOL) is approaching the $200 mark for the first time since December 2021, fueled by a remarkable 16% surge in the last 24 hours. According to data from CoinMarketCap, the token is currently trading at $192, with its market capitalization reaching a staggering $85 billion.

SOL, 24 Hrs Price chart, Source: CoinMarketCap

Apart from this, a noteworthy factor is soaring above the previous peak that was achieved back in 2021, breaking the new market cap record. As predicted, while the price has stalled slightly under the last record, the vast increase in the supply has drawn the readers’ attention to market capitalization.

The success of SOL´s rise is in line with the growth of cryptocurrency value over the last couple of months. Including Bitcoin and Ether mitigates all investors’ efforts. As such, prices dropped from $73,000 to $69,000 for Bitcoin and below $4,000 for Ether.

Avalanche (AVAX), another Layer 1 blockchain, has also witnessed a remarkable price surge, with its token jumping to $60, a level last seen in May 2022. AVAX’s value has risen from just $9 in October 2023.

Despite the mixed performance among Layer 1 blockchain tokens, the GML1 Index, which tracks the performance of native tokens for these blockchains, has remained flat for four days. This suggests that positive and negative price changes have counteracted each other, resulting in an overall neutral performance.

As Solana approaches its all-time high price, the cryptocurrency community closely watches the token’s performance, speculating on whether it will surpass its previous record and continue its upward trend.

Also read: Trader Misses Out on Turning $8,000 into $1 Million in BOME

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