Solana’s native SOL token continues its meteoric rise this year as it traded near $100 for the first time in 20 months during the early trading hours of Dec. 22, according to CryptoSlate’s data.
However, the asset’s value has since retraced to around $91 as of press time.
The upward price movement liquidated approximately $20 million from crypto traders speculating on the digital asset’s price. Data from Coinglass showed skeptics betting against further SOL price increase lost $12 million while long traders were liquidated of around $8 million.
Over the past year, the price of SOL has been gradually rising thanks to several notable events happening in its ecosystem. Solana established significant partnerships with global financial entities such as Visa and Shopify. These collaborations leverage the blockchain network technology to speed up their payment processes.
Besides that, the hype surrounding the Solana-based BONK memecoin and the resurgence of decentralized finance (DeF
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