Solana (SOL) has surged to become the fourth-largest cryptocurrency by market cap, reaching nearly $90 billion, a level not seen in almost four months. This rise comes after substantial price gains and increased network activity.
Analysts are optimistic, suggesting that Solana may continue to rally due to bullish patterns and growing usage of its network.
Cryptocurrency Market Sees Gains; Solana Surpasses Binance Coin
The cryptocurrency market is experiencing a strong positive trend today, July 29, with many leading digital assets showing significant gains.
Solana (SOL) is a prime example of this upward movement. The price of SOL has risen nearly 5% over the day, currently trading around $192. Its market capitalization has surged to almost $90 billion, a figure last seen at the beginning of April.
SOL Market Cap, Source: CoinGecko
This impressive performance has propelled Solana to become the fourth-largest cryptocurrency, overtaking Binance Coin (BNB), which has seen its market cap fall from above $90 billion to just under $87 billion in recent hours.
The top three cryptocurrencies remain unchanged. Bitcoin (BTC) continues to lead with a market cap of nearly $1.4 trillion. Ethereum (ETH) follows with a capitalization of $405 billion, and the stablecoin Tether (USDT) holds the third spot with a market cap of approximately $114 billion.
Analysts Predict Continued Growth for Solana (SOL)
Several analysts are optimistic about Solana’s (SOL) price rally, suggesting it may not be over yet. X user Jelle compared SOL’s current performance to its summer 2021 surge, which was followed by a major bull run that drove the price to nearly $260. Jelle has set a target of $600 if this trend continues.
Captain Faibik noted that SOL has recently confirmed a “Bullish Pennant Upside Breakout” on the weekly chart, indicating that significant price peaks could be on the way before the year ends.
Solana’s network metrics support this bullish outlook. The Total Value Locked (TVL) in the Solana ecosystem recently surpassed $5.5 billion, reflecting increased usage and adoption. Additionally, the on-chain trading volume has been around $2 billion in recent days, suggesting improved liquidity and positive market sentiment. These factors combined could further enhance SOL’s price stability and attract more investors.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
