Solana has just flipped Binance’s BNB coin and become the 4th largest cryptocurrency by market cap, marking a significant milestone in the blockchain’s journey.
After today’s 8% pump, Solana’s market cap has surpassed $84 billion, slightly overtaking BNB. This surge reflects growing investor confidence in Solana’s ecosystem and its potential for future growth.
This is big news for Solana holders, as SOL hasn’t been seen in the top 4 spot, at least not in my recent memory.
The SOL price is now trading around $181, still below the crucial $200 mark. This price point has become a focal point for traders.
As discussed earlier this month, SOL needs to break $200 as both a psychological barrier and a strong resistance level, as the price has been rejected there multiple times this year already.
JUST IN: Solana flips #BNB becoming the 4th largest cryptocurrency in the world by market value.
— Watcher.Guru (@WatcherGuru) July 26, 2024
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Show more +Show less – Solana Price Prediction
The reason for today’s pump could be rumors circulating in the crypto community that SOL ETFs are next in line, following those for Bitcoin and Ethereum.
Some analysts are very optimistic when it comes to SOL price predictions, reflecting the growing enthusiasm around Solana’s technology and adoption.
ALI set his price target at $1000 for SOL, believing it’s mirroring its 2021 pump. While this prediction is notably bullish, it’s based on the assumption that Solana will continue to gain market share and expand its ecosystem.
#Solana is looking a lot like July 2021… $1,000 $SOL coming soon! pic.twitter.com/J0Yx5npfiS
— Ali (@ali_charts) July 26, 2024
All technical indicators such as MACD lines and RSI are currently in SOL’s favor, suggesting that the momentum is likely not over. We might see $200 before the week ends. These technical indicators are often used by traders to gauge market sentiment and potential price movements.
Ali’s target is a very optimistic one, representing over a 5x increase from current levels. It’s important to note that such predictions, while exciting, should be viewed with caution given the inherent volatility of the cryptocurrency market.
Read also: No Updates from SEC Meeting; Ripple Lawyer Discusses Possible Outcomes as XRP Price Pumps
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