Solana Price Continues to Surge, Nears $100
The price of Solana (SOL) continues to soar, with another 17% increase bringing it close to the $100 mark. Currently, the SOL price is trading at $97.76, up 17.15%, with a market cap of $41.7 billion.
Solana Overtakes BNB Coin for Fourth Position
In the past 24 hours, Solana (SOL) has experienced a significant surge of over 16%, pushing its market value to $41.8 billion. This surge has propelled SOL ahead of Binance Coin (BNB), which has a market value of $41.1 billion, securing SOL’s position as the fourth-largest cryptocurrency by market capitalization.
Strong Growth in Trading Volume and Open Interest
Aside from its market capitalization, Solana has also seen impressive growth in its contract trading volume, which has increased by 32% and surpassed 10 billion. Additionally, the open interest in SOL contracts has reached 1.34 billion, making Solana the second-highest in open interest after Bitcoin (BTC) and Ethereum (ETH).
This robust performance reflects Solana’s rising prominence in the cryptocurrency market, indicating increased investor interest and activity on the Solana blockchain. Furthermore, data from DeFi Llama shows that the total value locked on the Solana blockchain has exceeded $1.3 billion, with an addition of over $1 billion in just two months as DeFi activity picks up.
Big Investors Liquidating SOL Holdings?
Solana’s price has skyrocketed by 700% since the beginning of the year, with most of the gains occurring over the past two months. However, it appears that major players in the market have been selling their SOL holdings. Arthur Hayes, co-founder of the crypto exchange BitMEX, revealed that he has been selling his SOL supply and buying Ethereum (ETH) instead.
In a light-hearted confession, Hayes jokingly claimed to have received a divine message instructing him to dump SOL and express his love for Archangel Vitalik, referring to Ethereum’s co-founder Vitalik Buterin. While this revelation is likely in jest, it adds a playful element to the ever-evolving narratives within the cryptocurrency community.
Hot Take: Solana’s Meteoric Rise Continues
Solana’s price rally shows no signs of slowing down, with the cryptocurrency approaching the $100 milestone. Its surge in market capitalization has pushed it past Binance Coin (BNB), solidifying its position as the fourth-largest cryptocurrency. Additionally, Solana’s strong trading volume and open interest highlight the growing interest and activity on its blockchain.
However, some big investors seem to be cashing out their SOL holdings and shifting their focus to other cryptocurrencies like Ethereum. Despite this, Solana’s impressive performance and increasing value locked on its blockchain indicate a promising future for the project.
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