In a stunning turn of events, Solana has experienced a robust 18% surge in its price within the last 24 hours, propelling it to the coveted fourth position in market capitalization. This achievement marks the first time Solana has reached such heights in over two years. The cryptocurrency’s market cap now stands at an impressive $41.9 billion, surpassing Binance Chain’s BNB market cap of $41.8 billion. The current price of SOL sits at $98.40, reflecting an 18% increase for the day.
Solana Overtakes XRP and Gains Momentum
Just a day prior, on December 21, Solana had already outpaced XRP in terms of market capitalization. This upward trajectory is part of a larger trend, with SOL exhibiting a remarkable 30% gain over the past week, outperforming its counterparts in the crypto market. Despite being dubbed the “ETH killer” by some supporters, Solana still faces a substantial gap to reach Ethereum’s market cap, which currently stands at $269 billion.
Solana’s Rollercoaster Journey
Solana last held the fourth position in market capitalization in November 2021, during the peak of the bull market cycle. At that time, its market cap reached $75 billion but lagged behind BNB, which held a market cap of $108 billion. However, the landscape changed drastically as Solana closed out 2022 at just under $10, largely attributed to its association with the now-defunct FTX exchange and former crypto billionaire Sam Bankman-Fried. Fast forward to today, and SOL has surged to nearly $100, securing its place among the top-performing crypto assets of the year.
Surging Interest and Cautionary Notes
Google Trends reflects the growing interest in Solana, with search volumes nearing those for Ethereum in the United States. However, amid the celebration, technical analysts have sounded a note of caution, warning of a potential major market crash before the year concludes.
Reflecting on a Pivotal Year
On December 21, the Solana team conducted a comprehensive review of the year during its “Solana Solstice” celebration. The retrospective covered various events, including the Bonk (BONK) hype, the launch of the Saga mobile device, integration of artificial intelligence, and strategic institutional partnerships. These milestones contribute to Solana’s narrative as a dynamic player in the ever-evolving cryptocurrency landscape.
In conclusion, Solana’s recent surge not only underscores its resilience but also positions it as a formidable player in the crypto market. As 2023 approaches, all eyes are on Solana to see if it can maintain this momentum and potentially close the gap further with the industry giant, Ethereum.
