Solana has had one of many greatest worth journeys this 12 months, growing an excellent 665% since January. The cryptocurrency has notably achieved nicely within the final quarter of the 12 months, registering worth features that have been virtually absent for almost all of the 12 months.
This week, SOL flipped BNB to develop into the 4th largest cryptocurrency and second-largest altcoin by market cap. At this fee, Ethereum’s spot could also be subsequent.
Solana’s Spectacular Development
Solana’s worth motion this 12 months has been nothing however shocking, and it has no intention of slowing down anytime quickly. On the identical time, Solana’s blockchain has grown in several metrics. The expansion will also be concurrently linked to varied airdrops in Solana-based tasks and the Solana Saga Telephone which gave out 30 million BONK tokens, a Solana meme coin, for every new proprietor of the cellphone. Because of this, Solana overtook XRP in market cap rankings for the primary time ever, with the latter having a 1.82% worth 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 response to 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 worth correction and is now buying and selling at $91. However, BNB’s worth progress has been gradual this 12 months, with the crypto solely registering a 9% acquire prior to now twelve months.
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 totally overtakes and claims the place of the 2nd largest altcoin.
SOL worth recovers above $93 | Supply: SOLUSD on Tradingview.com
Can Solana Catch Up With Ethereum?
The query now could be 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 accumulate a rising share of the business.
Particularly, exercise on Solana has been on par with Ethereum prior to now few weeks, with the chains now rivaling by way of DEX quantity, NFT volumes, energetic addresses, transaction depend, and stablecoin transfers. In response to on-chain analytics platform Artemis, whole SOL buying and selling quantity on decentralized exchanges reached $1.5 billion prior to now 24 hours, its highest to date this 12 months.
Supply: Artemis
Solana is at the moment buying and selling at $91, up by 17% prior to now seven days, and is on its solution to breaking the $100 worth stage once more. If the present tempo of worth progress continues, we might see Solana revisiting its present all-time excessive of $259 within the first half of 2024.
Nonetheless, Solana nonetheless has a protracted solution to go to match Ethereum’s community results and worth. Ethereum’s whole market cap at the moment 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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