Solana (SOL) Shows Staggering 214% Year-to-Date Rise, Outperforming ADA

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According to CoinGecko data, Solana is one of the best-performing crypto assets this year, with a 214% gain.

Crypto ranking platform CoinGecko released, alongside a tweet, an image showing the top 10 crypto performances year to date.

Lead cryptocurrencies by market capitalization, Bitcoin (BTC) and Ethereum (ETH), were higher by 106% and 50%, respectively, over the same time frame. XRP, TRON and LINK advanced 64%, 70% and 105%, each.

However, Cardano (ADA) was among the losers in the top 10, down 20% on the year-to-date basis. BNB, Dogecoin and TON also fell within this category.

Solana continues to outperform the rest of the cryptocurrency market, despite fears of token sales by failed cryptocurrency exchange FTX.

According to a report issued by Nansen at the beginning of October, SOL is FTX’s largest holding, with over 71.8 million SOL locked and held. This accounts for 17% of SOL’s circulating supply and roughly 13% of the overall supply.

Galaxy Digital is facilitating the sale of Alameda/FTX holdings, although when this procedure will take place and the actual value of SOL that could hit the market are unknown.

Solana has faced various challenges in the past, including the FTX/Alameda crisis, network halts, spam transactions congesting the network and so on.

However, Solana has had a year-to-date uptime of 100%, which is good performance for the network. Solana has also reached adoption milestones this year. Visa introduced USDC settlement on Solana in September, and Solana Pay integrated with Shopify in August.

At the time of writing, SOL was down 0.63% in the last 24 hours to $31.54.

About the author

Tomiwabold Olajide

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.