Solana has had one of many greatest value journeys this yr, growing an excellent 665% since January. The cryptocurrency has notably performed nicely within the final quarter of the yr, registering value features that had been virtually absent for almost all of the yr.
This week, SOL flipped BNB to turn into the 4th largest cryptocurrency and second-largest altcoin by market cap. At this price, Ethereum’s spot could also be subsequent.
Solana’s Spectacular Development
Solana’s value motion this yr has been nothing however shocking, and it has no intention of slowing down anytime quickly. On the similar time, Solana’s blockchain has grown in several metrics. The expansion can be concurrently linked to varied airdrops in Solana-based initiatives and the Solana Saga Telephone which gave out 30 million BONK tokens, a Solana meme coin, for every new proprietor of the telephone. In consequence, Solana overtook XRP in market cap rankings for the primary time ever, with the latter having a 1.82% value lower in a 7-day timeframe.
Solana’s native token, SOL, just lately reached a yearly excessive of $99, serving to the community to additionally briefly overtake BNB by way of market cap. In accordance with knowledge from Coinmarketcap, SOL’s 24-hour buying and selling quantity elevated by over 33% to over $5.86 billion.
Nonetheless, Solana has since undergone a value correction and is now buying and selling at $91. However, BNB’s value progress has been gradual this yr, with the crypto solely registering a 9% acquire previously one year.
On the time of writing, BNB is buying and selling at $269, a 22.7% lower from its yearly excessive of $348. Solana is now at loggerheads with BNB and it is just a matter of time till it absolutely overtakes and claims the place of the 2nd largest altcoin.
SOL value recovers above $93 | Supply: SOLUSD on Tradingview.com
Can Solana Catch Up With Ethereum?
The query now’s whether or not Solana can catch as much as Ethereum, the second-largest blockchain community. Whereas Ethereum nonetheless dominates within the DeFi, NFTs, and good contracts house, Solana is constant to amass a rising share of the trade.
Specifically, exercise on Solana has been on par with Ethereum previously few weeks, with the chains now rivaling by way of DEX quantity, NFT volumes, energetic addresses, transaction rely, and stablecoin transfers. In accordance with on-chain analytics platform Artemis, whole SOL buying and selling quantity on decentralized exchanges reached $1.5 billion previously 24 hours, its highest thus far this yr.
Supply: Artemis
Solana is at present buying and selling at $91, up by 17% previously seven days, and is on its option to breaking the $100 value stage once more. If the present tempo of value progress continues, we may see Solana revisiting its present all-time excessive of $259 within the first half of 2024.
Nonetheless, Solana nonetheless has a protracted option to go to match Ethereum’s community results and value. Ethereum’s whole market cap at present stands at $278.3 billion, $244 billion greater than Solana’s $39.4 billion market cap.
Featured picture from Analytics Perception, chart from Tradingview.com
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