Solana (SOL) Market Dominance From July 1, 2020, to May 27, 2024

Avatar Charles Dawes
June 11, 2024
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Launched in 2020, Solana is a blockchain platform run by Solana Labs, which was founded in 2018 by Anatoly Yakovenko and Raj Gokal. Rising to US$55 billion in 2022, Solana’s market dominance has fluctuated dramatically in the four years since its launch. 

By the end of 2022, it fell to around $3 billion, rising again to $7 billion in 2023 and hitting new heights in the first half of 2024.

Our data analysts at Fastest Payout Online Casinos have taken data from Statista to breakdown the year-on-year changes, explaining the key contributing factors towards Solana’s market dominance since launch.

Key Takeaways

  • While cryptocurrency values are often volatile, no month saw a bigger jump in Solana’s volume than June 2021, where it was 96,800%.
  • For comparison, Solana’s poorest monthly performance was in December 2022, when it experienced its lowest volume at 93.1%.
  • Solana’s all-time price hit $90.19 billion in March 2024.
  • Its lowest recorded price was $3.66 billion in December 2022

Solana’s First Surge of 75,186% (2020-21)

In Solana’s opening year, it saw a huge jump in price, rising from $0.01 to $52.7 billion.

As a year-to-year percentage, that represented an increase of 75.186%.

Several factors contributed to Solana’s incredibly fast growth after launch, not least of all the launch of its first-ever NFT. 

Furthermore, Coinbase and Binance both listed Solana in their markets, which also boosted its price significantly.

Solana’s market dominance suffered $44 billion loss in price in 2022

But in 2022, things quickly turned for Solana. With a loss in price of more than $44 billion, Solana’s second year saw its value drop to $3.66 billion.

This dramatic dip represented a 93.1% decline in year-to-year price from 2021 to 2022.

The sudden and rapid price drop coincided with Solana facing a class action lawsuit in July of 2022 whereby it was accused of selling unregistered securities tokens.

On top of this, in August, more than 9,000 Solana wallets were hacked, with victims losing approximately $8 million in total.

In the same year, Google Shroud announced Solana Validator and Solana mobile stack.

Solana rebound in 2023, increasing 1,090.71%

Although 2022 saw huge problems for Solana, the following year was one of recovery and rebound.

In 2023, Solana’s price rose by $39 billion, hitting a new figure of $43.58 billion. This equated to a 1,090.71% yearly increase.

During this period, Solana announced the release of the Saga mobile phone, which immediately sold out.

Solana latest market price, declining 12.4071%

Moving into the current state of Solana, it started 2024 with a Q1 increase of $48 billion.

Rising as much as 113.316%, its top figure peaked at $90.19 billion after the year’s first quarter.

From March to today, that has fallen by $12.7 billion to give a current price today of $79 billion.

Despite falling by 12.4% from its top price, Solana also took the crown this year for the top stablecoin in volume.

Commentary

A spokesperson for FastestPayoutOnlineCasinos said:

“Solana’s price has been extremely volatile in the four years since its launch, but it appears now to be at its strongest level yet.

“Factors such as the release of the Saga Mobile Phone in 2023 have helped Solana re-establish itself in the crypto market.”

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Author Charles Dawes