Solana’s Remarkable Price Journey
Solana has experienced an incredible price journey this year, with a remarkable increase of 665% since January. The cryptocurrency has particularly excelled in the last quarter, showing significant price gains that were absent for most of the year.
SOL Overtakes BNB in Market Cap
This week, SOL surpassed BNB to become the fourth-largest cryptocurrency and the second-largest altcoin by market cap. With its current pace, Solana may soon challenge Ethereum’s position.
Solana’s Impressive Growth
Solana’s price movement has been consistently surprising, and it shows no signs of slowing down. Additionally, Solana’s blockchain has experienced growth across various metrics. This growth can be attributed to airdrops in Solana-based projects and the Solana Saga Phone, which distributed 30 million BONK tokens to new phone owners. As a result, Solana surpassed XRP in market cap rankings for the first time, while XRP experienced a 1.82% price decrease in a 7-day period.
SOL recently reached a yearly high of $99, briefly surpassing BNB in terms of market cap. The token’s 24-hour trading volume also increased by over 33% to $5.86 billion according to Coinmarketcap data.
Solana vs. BNB
However, Solana has undergone a price correction and is currently trading at $91. In contrast, BNB has shown slow price growth this year with only a 9% gain over the past 365 days.
As of now, BNB is trading at $269, experiencing a 22.7% decrease from its yearly high of $348. Solana is now in direct competition with BNB, and it is likely to surpass it soon, claiming the position of the second-largest altcoin.
Solana’s Activity Comparable to Ethereum
In recent weeks, Solana’s activity has been on par with Ethereum. Both chains are competing in terms of DEX volume, NFT volumes, active addresses, transaction count, and stablecoin transfers. According to on-chain analytics platform Artemis, Solana’s total trading volume on decentralized exchanges reached $1.5 billion in the past 24 hours, the highest this year.
Solana’s Future Outlook
Currently trading at $91 with a 17% increase in the past seven days, Solana is on track to break the $100 price level again. If its current pace of price growth continues, there is a possibility of Solana revisiting its all-time high of $259 in the first half of 2024.
However, Solana still has a long way to go to match Ethereum’s network effects and price. Ethereum currently holds a total market cap of $278.3 billion, which is $244 billion higher than Solana’s $39.4 billion market cap.
Hot Take: Solana Challenges Established Altcoins
Solana’s impressive performance and growth have positioned it as a serious contender among altcoins. With its recent rise in market cap and ongoing developments in its blockchain ecosystem, Solana has emerged as a strong rival to established cryptocurrencies like BNB and XRP. As it continues to gain momentum and attract attention from investors and traders, Solana’s journey towards becoming a dominant force in the crypto market seems inevitable.
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