Solana Bulls Regain Control as Trading Volumes Increase
The Solana (SOL) bulls are regaining control as trading volumes start picking up again at the start of 2024. According to data from Yahoo Finance, $2.2 billion in spot SOL/USD trading volumes changed hands on Monday, up sharply from the low volumes of around $1.7 and $1.8 billion seen over the past two days. SOL’s price is pushing back towards $110 and was last around $108, up around 4% in the past 24 hours according to CoinMarketCap.
Solana’s December Surge and Potential Overtake of Binance Coin (BNB)
Solana was a star performer in December, gaining over 70% amid a surge in meme coin trading and airdrop hunting on the blockchain. Solana currently has a market cap of just under $47 billion, versus Binance Coin (BNB)’s market cap of around $47.5 billion. Solana briefly became the fourth largest cryptocurrency in the world last week, behind only Bitcoin (BTC), Ether (ETH), and Tether USD (USDT) as its price peaked around $125.
Factors Influencing Solana’s Growth and BNB’s Weak Momentum
Solana traders will be monitoring factors such as the potential approval of spot Bitcoin ETFs in the US, upcoming US macro data, and Solana on-chain metrics to gauge any signs of slowing growth. With strong bullish momentum and weak momentum for BNB, Solana stands a good chance of overtaking BNB once again. The bullish narratives surrounding Solana’s use case and potential to rival Ethereum and Bitcoin are likely to continue contributing to growing interest in the blockchain.
Diversifying Crypto Holdings with Meme Kombat ($MK)
While Solana offers good upside prospects, diversifying crypto holdings is important. One promising project to consider is Meme Kombat, an exciting new project that blends crypto gaming and gambling. Users can bet on the outcomes of battles between characters based on popular meme coins. Early investors can also benefit from generous staking rewards, currently over 100% annually. Meme Kombat has already raised close to $5.25 million since its launch.
Hot Take: Solana’s Price Prediction and Potential
Solana price predictions are likely to remain bullish as traders eye a retest of April 2022 highs in the $140s. With its strong performance and potential to rival top cryptocurrencies, Solana remains odds-on to steal the number four spot in the crypto rankings.
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