Solana (SOL) Surpasses $100 Mark, Achieving Impressive Growth

Solana's Market Triumph

On Saturday, Solana's token, solana (SOL), surpassed the $100 threshold, experiencing a weekly growth of over 36% against the U.S. dollar. Investor sentiment towards solana (SOL) has remained overwhelmingly positive throughout the year, and it has gained further momentum following the conviction of ex-FTX chief Sam Bankman-Fried on multiple charges on Nov. 2, 2023.

Impressive Yearly Growth

In the previous year, solana (SOL) has seen an impressive growth of 764% against the U.S. dollar, reaching the $100 milestone on Dec. 23, 2023. This price point for SOL has not been seen since April 2022, and the cryptocurrency has now overtaken BNB to become the fourth largest by market capitalization. With a current price of $102 per coin, SOL boasts a market value of approximately $43.58 billion. On Saturday, the coin's daily trading fluctuation ranged from $93 to $104.

Recent Performance

In the last month alone, SOL has seen an increase of over 80%, with a near 38% rise in the past two weeks. Over the past 24 hours, SOL has gone up by 6.6%, resulting in a remarkable 36% growth against the U.S. dollar over the week. Solana holds the fifth-largest trade volume this weekend, with a global trade volume of $3.26 billion in 24 hours. Tether (USDT) is currently the top trading pair for SOL, followed closely by USD, KRW, BTC, EUR, and the stablecoin FDUSD.

This weekend, the Korean won accounted for 6.69% of SOL's 24-hour global trading volume. In South Korea, Solana experiences a 'Kimchi premium,' with prices trading at $106.80 on Upbit and $106.95 on Bithumb, over 4% higher than the global average of $103. Despite the offloading of SOL tokens by FTX's bankruptcy estate, the enthusiasm for SOL remains strong. Additionally, a portion of Solana tokens from FTX's bankruptcy is vested or locked for an extended duration.

Expanding Ecosystem

Following Sam Bankman-Fried's conviction on Nov. 2, 2023, SOL's value surged from $40 to $56.67 within a week. The Solana ecosystem itself is experiencing significant expansion. The total value locked (TVL) in Solana's network, which was previously declining, has started to recover. This indicates a resurgence of interest and confidence in the platform. Sales of Solana-based non-fungible tokens (NFTs) have also seen a significant surge, recently surpassing Ethereum and ranking second only to Bitcoin-centric NFT sales in the past week.

Mixed Sentiments

While solana (SOL) has gained substantial support, not everyone endorses it. A critic known as "Defi Made Here" (DMH) and followed by 36,600 people, has voiced concerns about SOL being "connected to Sam/Alameda/FTX" and the unreliability of the chain, among other issues.

The Future of Solana

The future of Solana remains uncertain, with the crypto community divided between bullish optimism and skeptical caution. However, hard market-driven data leans favorably, suggesting a bullish trend for SOL moving forward. As the crypto world continues to watch, the mix of hope, caution, and tangible metrics will shape the narrative of this dynamic digital asset. Although SOL crossed the $100 mark on Saturday, it is still 60% down from its all-time high of $259 recorded on Nov. 6, 2021.

What are your thoughts on solana surpassing $100 per coin on Saturday? Share your opinions in the comments section below.

Frequently Asked Questions

What is the best precious metal to invest in?

Investments in gold offer high returns on their capital. It can also protect against inflation and other risks. People become more concerned about inflation and the gold price tends to go up.

Gold futures are a great idea. These contracts ensure that you receive a set amount of gold at a fixed rate.

Gold futures are not for everyone. Some prefer physical gold.

They can easily exchange their gold with other people. They can also trade it anytime they like.

Some people would rather not pay tax on their gold. They buy gold directly from government to do this.

This will require several trips to your local Post Office. First, convert any gold you have into coins or bars.

Then, you need to get a stamp on those coins or bars. Finally, you send them to the US Mint. They melt the bars and coins into new coins.

These new bars and coins have the original stamps stamped on them. This means they are legal tender.

However, if you purchase gold directly from the US Mint you won't be required to pay any taxes.

What precious metal would your investment preference be?

What are the pros and cons of a gold IRA?

If you want to diversify your holdings but aren't able to access traditional banks services, a gold IRA is a great option. You can invest in precious metals like gold, silver, or platinum, without having to pay taxes until the gains are withdrawn.

The downside is that withdrawing money early will pay ordinary income tax on the earnings. However, these funds are kept outside the country and cannot be seized by creditors if you default.

If you are looking to own gold without worrying about taxes, a golden IRA could be for you.

Is it a good idea to open a Precious Metal IRA

It all depends on your investment goals and risk tolerance.

Precious metals will appreciate over time. You can also diversify your portfolio with them.

Additionally, silver and Gold prices tends to move together. This makes them better choices when you want to invest in both assets.

Precious metal IRAs are not recommended for anyone who isn't planning to use their money for retirement and doesn't want any risk.

Can I keep my gold IRA at work?

An online brokerage account will allow you to invest in the most secure way possible. Online brokerage accounts offer all the same investment options and you do not need any special licenses. You won't pay fees to invest.

Many online brokers also offer tools that can help you manage your portfolio. To see the performance and trends of your investments, you can download charts from these brokers.

Can I have gold in my IRA.

Yes! You can include gold in your retirement plan. Because it doesn't lose any value over time, gold is a great investment. It also protects you against inflation. You don't even have to pay taxes.

It's important to understand the differences between gold and other investments before investing in it. You cannot buy shares of companies that are gold, like stocks and bonds. They can't be sold.

Instead, you must convert your gold to cash. This means that you must get rid of your gold. You can't just hold onto it.

This is what makes gold unique from other investments. Similar to other investments, gold can be sold at any time. That's not true with gold.

Even worse, you can't use the gold as collateral for loans. You may have to part with some of your gold if you take out mortgages.

What does this all mean? You can't just keep your gold forever. You will have the need to make it cash someday.

But there's no reason to worry about that now. To open an IRA, all you need is to create one. After that, you can start investing in gold.

Can you hold precious metals in an IRA?

The answer to that question will depend on whether the IRA owner plans to diversify his holdings to gold and/or keep them safekeeping.

He has two options if he wishes to diversify. He could either buy bars of physical gold and/or sterling from a dealer or simply sell these items back at the end. Imagine he doesn't desire to sell off his precious metals investments. In this case, he should hold onto the investments as they are perfect for storing inside an IRA account.

Statistics

If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.com)
Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)

External Links

How To

How to Start Buying Silver with Your IRA

How to start buying Silver with Your IRA – The best method to invest directly in silver or gold is through the direct ownership of physical bullion. The most popular investment form is silver bars and coins. This is because it offers diversification and liquidity.

There are many options to buy precious metals like silver and gold. They can be purchased directly from the producers (mining companies or refiners). Or, if you don't want to deal with the hassle of dealing directly with a producer, you can buy them from a dealer who buys and sells bullion products.

This article will tell you how to start investing with your IRA in silver.

Investing Directly in Gold & Silver – This is the first way to get precious metals directly from their source. This is the best way to get bullion right from the source and have it delivered straight to your house. While some investors prefer to keep their bullion inside their homes, others choose to store it in a storage facility that is insured and protected. It is important to properly store precious metals when you want it to last. Many storage facilities offer insurance against fire, theft and damage. But even with insurance, you risk losing your investments due to natural disasters or human error. For these reasons, storing your precious metals in a safe deposit box at a bank or credit union is always recommended.
Buy Precious Metals Online: If you don't want to carry around heavy boxes full of precious metals, there are other options. Bullion dealers offer bullion in a variety of forms, including bars and coins. You can find coins in many sizes, shapes, or designs. Coins are generally more convenient to carry than bars. Bars come in different weights and sizes. Bars can weigh hundreds of lbs, while others weigh only a few ounces. The best rule of thumb for choosing the right type of bar is to consider your intended use. If you plan to use it as a gift, you might want to consider something smaller. It might not be the best choice if you're looking to add it in your collection or display it proudly.
Precious Metals From Dealers – A third option to buying bullion is from a dealer. Most dealers have a specific area of expertise, usually in silver or gold. Some dealers are experts in specific types of bullion such as rounds and minted coins. Some specialize in particular regions. Some specialize in bulk purchasing. You will be able to find competitive prices and simple payment options no matter who dealer you choose.
Investment in Retirement Accounts: Buying precious metallics through retirement accounts – Although not technically an investment, this is another way to get exposure to precious metals. To qualify for tax benefits under Section 219 of the IRS Code, you must invest in precious metals through a qualified retirement account. These accounts include IRAs. Since these accounts are set up specifically to help you save for retirement, they often offer higher returns than many other investment vehicles. In addition, most of these accounts allow you to diversify your holdings across multiple metals. The problem? The drawback? These accounts are only available to employees of employers who sponsor them.

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By: Jamie Redman
Title: Solana (SOL) Surpasses $100 Mark, Achieving Impressive Growth
Sourced From: news.bitcoin.com/solana-tops-100-after-monumental-764-growth-this-year/
Published Date: Sun, 24 Dec 2023 00:30:05 +0000