- SOL followed BTC’s lead, jumping over 15% to flip BNB and become the fourth-largest cryptocurrency.
- A new ATH could be within reach if SOL holds above the $180 mark.
As a seasoned researcher and crypto enthusiast with over a decade of experience navigating the volatile cryptocurrency market, I must say, this recent surge of Solana (SOL) is truly intriguing. The fact that SOL has not only dethroned Binance Coin [BNB] but also emerged as the top performer among the top 5 altcoins is a testament to its growing strength and potential.
The cryptocurrency sector is experiencing a surge, rising by 3% following the US elections, as Solana [SOL] takes center stage, skyrocketing by 15.8%, thereby overtaking Binance Coin [BNB] to claim the position of the fourth-largest digital currency.
As Stellar Lumens (SOL) surpasses $180, financial experts are speculating that it could reach as high as $250. Given its impressive 30.5% monthly gain, it’s certainly a cryptocurrency worth monitoring closely.
There is more to it than SOL flipping BNB
It’s worth noting that Solana (SOL) has not just surpassed Binance Coin (BNB), but it has also taken the lead among the top 5 alternative cryptocurrencies. Moreover, SOL has attracted a substantial amount of liquidity away from Bitcoin.
On two separate occasions, Solana has stood out as one of the most robust cryptocurrencies. Notably, during the market downturn in Q3, when many altcoins were grappling with their support levels, Solana managed to stay above its breakout points.
Furthermore, SOL saw a daily increase exceeding 11% on the day of the election outcomes, performing slightly better than BTC. Meanwhile, Ethereum experienced a rise of approximately 4%.
As a researcher, I’ve noticed an intriguing development: The cryptocurrency market is witnessing a significant transition. Previously, Bitcoin was the dominant coin capturing the majority of capital, but now, Solana seems to be gradually eclipsing Ethereum in terms of attracting investment.
Affirming the change, the switch from BNB signified a robust indication. If this trajectory persists in the future, Solana (SOL) might swiftly reach a market capitalization of $100 billion, possibly challenging Ethereum’s current standing next.
What are the odds?
Surpassing the $180 barrier by Solana (SOL) indicates a breakout from a 8-month price range it entered following the yearly peak of $202, which was around the same time Bitcoin (BTC) reached $73,000.
Over the past day, the daily trading volume of SOL has significantly increased by 210%, amounting to a staggering $10.7 billion. Moreover, its market capitalization also saw an uptick of 14.66%, now standing at a massive $88.1 billion.
Consequently, Solana (SOL) has surpassed Binance Coin (BNB), boasting an $85 billion market capitalization, to claim the position of the fourth largest cryptocurrency in terms of market cap.
Based on a positive MACD (Moving Average Convergence Difference) crossover on the daily graph, it appears likely that Solana (SOL) may reach or even surpass its annual peak.
If SOL reaches a level of around $200 again, a price point not seen since March, it may push Solana’s value past its all-time high (ATH) of $260 within the next few weeks.
Should the current trend persist, it’s plausible that Solana’s (SOL) market capitalization might one day surpass $100 billion. But for this scenario to unfold, Binance Coin (BNB) may need to experience a period of lower performance compared to SOL.
A neck-and-neck race for dominance
Keeping an eye on Binance Coin (BNB) as it nears a significant resistance point around $600, let’s observe how it fares in the upcoming period.
According to the latest findings by AMBCrypto, there’s a good chance that BNB could experience a short-term upward trend. However, this forecast assumes that BNB will stabilize within a certain price band unless substantial buying activity occurs.
It’s worth noting that this development might provide a chance for Solana supporters to maintain SOL in the fourth place, which could be significant in terms of drawing investment as the market becomes increasingly volatile.
If Bitcoin reaches a new all-time high at the same time as a crypto-friendly majority in Congress, Solana (SOL) might experience a drop if it can’t maintain its current support. This could cause SOL to fall back below Binance Coin (BNB).
Read Solana’s [SOL] Price Prediction 2024–2025
This quarter, I’ve seen Solana hit some significant landmarks, making it my preferred high-value token when Bitcoin steps into a riskier territory due to its reputation for stability.
Currently, it looks like SOL is more likely than BNB to reach new heights, but if SOL manages to break through $260 and set a new all-time high (ATH), this trend will become even more pronounced.
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2024-11-07 22:16