TL;DR

• Solana’s SOL token has shown impressive performance this year, with significant growth in price and market capitalization, making it one of the top digital currencies in the market.
• Future growth potential for SOL hinges on factors like technology adoption, overcoming past network issues, regulatory developments, and potential strategic partnerships, which could enhance its market value and utility.
• Despite its progress, SOL’s market cap is still behind major players like Ethereum, but it has surpassed them in certain metrics like trading volume and NFT sales volume in recent times.

Can Solana (SOL) Progress Even More Next Year?

Solana’s native token – SOL – has been a top performer this year, with its price reaching almost $125 earlier this week. The token has skyrocketed by over 1,000% since January 1, while its market capitalization briefly surpassed the $50 billion mark and is currently standing at around $48 billion (per CoinGecko’s data).

This uptrend has made SOL the fourth-largest digital currency in the entire market, outpacing Binance Coin (BNB) and Ripple (XRP).

In the following lines we will take a deeper dive and check whether the asset’s progress could continue next year with SOL becoming the biggest alternative coin in the realm. 

According to ChatGPT, such a scenario is not out of the cards but hinges on on multiple elements. One major factor is the possible adoption of the asset’s technology and network. Solana is known for its low costs and fast transaction speed, which makes it a preferred ecosystem for decentralized applications. 

The AI-powered chatbot also estimated that SOL’s future success depends on coping with some issues that have caused reputational damage to the blockchain protocol in the past. Recall that Solana has experienced