Solana (SOL) Takes Fourth Spot in Market Cap Following 18% Price Surge
Summary:
In the past 24 hours, Solana (SOL) saw an 18% price increase, pushing its market capitalization to $41.9 billion and promoting it to fourth place among cryptocurrencies. This comes after it surpassed the market capitalization of XRP (XRP) a day earlier. Despite rapid growth, including a 30% gain in the past week, Solana is still far from Ethereum's $269 billion market cap. Despite the successes, some analysts warn of a potential significant plunge before the end of the year.
In the last 24 hours, Solana (SOL), a cryptocurrency, has experienced a remarkable 18% price hike, elevating its market cap ranking to the fourth position—a place it hasn't occupied in over two years. This recent price upheaval pushes Solana's market capitalization to an impressive $41.9 billion, outstripping Binance Chain’s BNB (BNB), now valued at $41.8 billion. Currently, SOL stands at $98.40, reflecting an 18% increase for the day.
Just a day before, on December 21, Solana had surpassed the market capitalization of XRP (XRP). With a weekly gain of over 30%, SOL outshined other major cryptocurrencies in performance. Despite being labeled an “ETH killer” by its proponents, Solana still trails significantly behind Ethereum's whopping market cap of $269 billion. Solana last held the fourth position in November 2021, per CoinMarketCap data. At that time, during the bull market peak, it had a market cap of $75 billion, yet it lagged behind BNB's $108 billion.
By the end of 2022, Solana's price had fallen just shy of $10, largely attributed to its ties with the now-defunct FTX exchange and ex-crypto billionaire Sam Bankman-Fried. SOL has since rebounded to nearly $100, marking it as one of the highest-performing crypto assets of the year. Google Trends data indicate a significant uptick in Solana searches, nearing Ethereum searches—at least within the U.S.
Despite these gains, some technical analysts have raised alarms about a potential significant drop before the year comes to an end. The Solana team reflected on the past year at its “Solana Solstice” year-end review event on December 21, highlighting various milestones like the BONK hype, the Saga mobile device launch, AI integration, and establishment of institutional partnerships.
Published At
12/22/2023 8:20:00 AM
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