Solana (SOL) Market Cap Surges to $82.5B, Defying Jim Cramer's 'Idiot Investments' Label

Solana SOL/USD, launched in March 2020, has risen more than 15-fold, driven by a robust ecosystem supporting various meme coins.

Solana (CRYPTO: SOL) enjoyed a stellar 2023. The token, which was launched in March 2020, has risen more than 15-fold this year.

The astronomical rise is, in part, being driven by a robust Solana ecosystem, which supports several meme coins.

Solana, which is often touted as an "Ethereum killer," has outperformed both apex cryptocurrencies in 2023. Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) gained 103% and 117%, respectively, during the same period.

Solana enjoyed a 304% gain in the last year, leading to a cumulative return of 20,049% since 2020.

Chart: TradingViewSolana Meme Coin Market Cap Stands At $11.4BThe meme market cap on Solana stood at $11.38 billion at press time. It, however, witnessed a 3.4% decline over 24 hours.

Among the popular tokens in this sector were Dogwifhat (CRYPTO: WIF), Popcat (CRYPTO: POPCAT) and Bonk (CRYPTO: BONK).

Solana TVL Surged To $6.14Bsolana total value locked stood at $6.14 billion at press time, according to DeFiLlama data. The figure surged from $1.1 billion at the start of 2023.

Solana's market cap stood at $82.5 billion at press time. Among the top gainers in the last 24 hours were WIF, BONK and POPCAT.

Solana encountered a setback in October 2023, with a 3% decline. However, crypto analyst IncomeSharks cautioned traders against FOMO (Fear of Missing Out) and the tendency to justify late buying decisions by calling them “early” entries.

"The word "early" is the most over used word to help people rationalize missing a trend and buying late. You can still make money buying late but you need to understand that you coping and rationalizing your FOMO trades won't make you a better trader."

Solana (Sol) $SOL

Relative Strength Index (RSI) crossed above 70 (overbought) seven times in 2023 (Blue circles on the chart)

Sol encountered five separate drops of 10% or more (Red arrows on the chart) during the 2023 period where RSI was overbought.

These are the moves you need to be able to survive (and bid) if you want to make this run successful actively trading. pic.twitter.com/e3PZEYOcoP

Solana encountered five separate drops of 10% or more during the periods where Relative Strength Index (RSI) was overbought. The token encountered overbought conditions seven times in 2023.

Solana encountered a relative strength of 74.1 at press time. The token enjoyed 304% gains in the last year and clocked a return of 20,049% since 2020, when it was priced at $0.7.

Solana encountered a net realized loss of $333.3 million in the last 30 days. The token's market cap stood at $82.5 billion at press time.

Solana encountered a total exchange netflow of $2.1 billion in the last 24 hours, withBinance leading the pack with a net outflow of $646.5 million. FTX encountered a net outflow of $300.3 million, while Deribit enjoyed a net inflow of $203.3 million.

Solana encountered a net derivative realized loss of $10.3 million in the last 30 days. The token's 30-day realized net cap stood at -$333.3 million at press time.

Solana encountered a realized net cap of -$333.3 million at press time. The token's 30-day net realized volume stood at -$332.9 million at press time.

Solana encountered a realized net volume of -$332.9 million at press time. The token's 30-day net realized P/L stood at -$10.3 million at press time.

Solana encountered a net derivative realized P/L of -$10.3 million at press time. The token's 30-day realized net P/L stood at -$333.3 million at press time.

Solana encountered a net realized P/L of -$333.3 million at press time. The token's 30-day realized net cap stood at -$333.3 million at

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