Solana Surpasses $180 Threshold Amid 4.3% Price Surge

Solana (SOL) has briefly crossed the $180 threshold, marking its first time above this level since the LIBRA-induced slump. On February 21, Solana reached a daily high of $180.19, with a 4.3% rebound around 09:30 UTC, before retracting slightly to around $178.

Recent Price Performance

According to recent data, Solana has experienced a 3% increase in the past 24 hours, with the token currently trading at $178.79. However, in the past month, Solana has been in a slump, with a decline of over 30%.

Market Cap and Valuation

Solana’s market cap currently stands at $87 billion, with a fully diluted valuation of $105 billion.

Trading Volume Recovery

Solana has also made a comeback in terms of trading volume. According to recent data, Solana has reclaimed the top spot among the DEX chains, with $2.3 billion in trading volume, surpassing Binance Smart Chain, Ethereum, and Base.

LIBRA’s Collapse and Its Impact on Solana

The recent collapse of the Solana-based meme coin LIBRA has had a significant impact on the Solana ecosystem and the meme coin market as a whole. The token crashed by 95% in the first few hours after its launch, resulting in a $4.4 billion decline in market cap.

The collapse of LIBRA also led to a decline in Solana’s liquidity, with outflows spiking from $12.1 billion to $8.29 billion. Additionally, Solana experienced a 15% drop in value, as many investors began to doubt the future issuance and sustainability of trading meme coins.

“The collapse of LIBRA has had a significant impact on the Solana ecosystem, with many investors losing confidence in the future of meme coins.”

Tips for Investors

If you’re considering investing in Solana or other cryptocurrencies, here are a few tips to keep in mind:

  • Do your research: Before investing in any cryptocurrency, make sure to do your research and understand the market trends and risks involved.
  • Diversify your portfolio: Diversifying your portfolio can help you minimize risk and maximize returns.
  • Stay informed: Stay up-to-date with the latest news and developments in the cryptocurrency market.

For more news and updates on the cryptocurrency market, visit Global Crypto News.

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