In the last 24 hours, Solana (SOL) experienced a robust 18% increase in its price, reaching $95 and propelling it to the fourth position in terms of market capitalization. This is a milestone it hasn’t achieved in over two years.
This recent jump has elevated Solana’s market value to $41.9 billion, surpassing the Binance Chain’s BNB, which has a market cap of $41.8 billion, with BNB’s price at $271. Currently, SOL is valued at $98.40, marking an 18% rise within a day. Just a day before, on December 21, Solana had overtaken XRP (priced at $0.62) in market cap.
Solana’s performance is noteworthy, having increased by over 30% in the past week, outshining all other major cryptocurrencies in the same period.
Despite being labeled as an “ETH killer” by some enthusiasts, Solana still trails far behind Ethereum’s massive $269 billion market cap. The last time Solana held the fourth spot was in November 2021, as per CoinMarketCap data. During the height of the bull market cycle, its market cap was $75 billion, still below BNB’s $108 billion. However, by the end of 2022, Solana’s price had plummeted to just below $10, largely due to its ties with the now-defunct FTX exchange and the controversy surrounding Sam Bankman-Fried. A year on, SOL has rebounded impressively to nearly $100, positioning it as one of the top-performing crypto assets of the year.
Google Trends data indicates a significant rise in Solana searches, nearly matching those for Ethereum in the United States. However, some technical analysts caution about the possibility of a major downturn before the year’s end.
On December 21, the Solana team reflected on the past year during their “Solana Solstice” celebration, reviewing key events such as the Bonk (BONK) hype, the launch of the Saga mobile device, advancements in artificial intelligence integration, and new institutional partnerships.
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