Solana’s native SOL token continues its meteoric rise this 12 months because it traded close to $100 for the primary time in 20 months in the course of the early buying and selling hours of Dec. 22, in line with CryptoSlate’s information.

Nonetheless, the asset’s worth has since retraced to round $91 as of press time.

The upward value motion liquidated roughly $20 million from crypto merchants speculating on the digital asset’s value. Knowledge from Coinglass confirmed skeptics betting in opposition to additional SOL value enhance misplaced $12 million whereas lengthy merchants had been liquidated of round $8 million.

Over the previous 12 months, the value of SOL has been regularly rising due to a number of notable occasions occurring in its ecosystem. Solana established important partnerships with world monetary entities corresponding to Visa and Shopify. These collaborations leverage the blockchain community know-how to hurry up their cost processes.

Apart from that, the hype surrounding the Solana-based BONK memecoin and the resurgence of decentralized finance (DeFi) exercise on the good contract-enabled blockchain community has additional bolstered its latest progress.

SOL’s market cap briefly flips BNB

Throughout the reported interval, Solana briefly overtook the Binance-backed BNB token to turn into the fourth-largest cryptocurrency by market capitalization.

This transfer was harking back to how SOL’s market capitalization flipped that of Ripple’s XRP earlier within the week.

Knowledge from CryptoSlate exhibits that SOL’s market capitalization reached $42.24 billion earlier than dropping to its present worth of $39.35 billion.

Nonetheless, BNB has since regained its place because the fourth-largest cryptocurrency by market capitalization, with a valuation of $41.2 billion.

The transient flipping additional signifies the sturdy progress the community has seen this 12 months.

Solana’s Saga telephone

In the meantime, curiosity in Solana’s blockchain-enabled Saga smartphones has reached fevered heights because the community reported that it noticed an “overwhelming demand” for the machine final week and could be unable to meet orders because of an “stock administration challenge.”

In a Dec. 22 submit on X (previously Twitter), Solana Cell defined that:

“In working to meet orders, we discovered of a list administration challenge with our third-party distributor that resulted in an inaccurate illustration of our stock. Given this, we’re sadly unable to meet orders that had been positioned after stock ran out. As well as, we canceled orders that had been flagged for suspicious exercise because of extreme machine orders or cost danger, as we work to get Saga within the arms of as many customers as doable.”

CryptoSlate beforehand reported that the smartphone had offered out due to the frenzy surrounding the Bonk memecoin.