Last week, Solana (SOL) was struggling with its lowest numbers for the month, but now it is surging to nearly its highest point for the year so far.

Solana’s volume has grown by 52% over the last 30 days, up to $3.1 billion. The current Solana price is $106.07 (SOL/USD). That rate has ticked up by 1.74% for the month but 8.56% for the day.

That’s because the SOL rate dropped last week to $79.37, but it didn’t last long. The rate began recovery almost immediately and has continued to be bullish from January 23rd up through today. The coin has not recovered back to its high for the month of $116.1, but it is well on its way.

Understanding the Gains

Why are we seeing the rate surge day after day with this coin? It is partly because Solana-based projects are very popular right now. As the market recovers, investors are using various Solana-based staking protocols like Marinade Finance and buying up Mad Lads NFTs. They are using Solana lending protocols like Kamino and Solend frequently as of late, helping push Solana higher as investors see its various functional strengths.

The Solana ecosystem is growing and should see greater innovation in the coming months. Solana’s owners have announced new token extensions and a rebuilding of the Firedancer validator client. Solana will likely become even more useful and its related projects more in demand later on this year. The coin has become a promising investment opportunity because of its longevity and strength, so we are not surprised to see it doing so well.

Some analysts predict that Solana will continue to skyrocket past its current level, perhaps hitting as high as $140 before it levels out. The momentum is likely to slow down very soon, though, with a support zone of around $85.