Have you guys been following Solana (SOL) the last few days?
It’s now the fourth-largest cryptocurrency by market value, overtaking Binance Coin (BNB). In just one week, Solana’s price jumped by an impressive 51.8% to $110. That’s pushed its market value to $48.79 billion, surpassing BNB’s $41.40 billion.
Solana is also outperforming Bitcoin and Ethereum in trading volumes on Coinbase. This is the first time we’ve seen three different coins surpass Bitcoin’s trades on Coinbase in a single day. Plus, Solana’s trading volumes on decentralized exchanges (DEX) are a whopping 3,078% higher than Ethereum’s. It’s clear that Solana is catching the attention of investors.
I think this surge in Solana’s value all started with the meme coin Bonk (BONK), which saw a significant increase in value and stirred interest in other similar meme coins. But it’s not just meme coins driving Solana’s success. The total value of the Solana ecosystem is nearly $1.5 billion, indicating strong interest. However, it’s worth noting that despite this growth, SOL is still 56.21% below its highest-ever value. As always, the crypto market continues to be full of surprises!
Do you think Solana will continue upwards to reach its ATH or do we have a huge correction waiting for us?