Solana Price Hits New ATH as Whales Accumulate: Can SOL Overtake Tether?
Solana’s (SOL) price has hit a new high surpassing the previous at $260, while closing the market cap gap with Tether (USDT). Recent data reveals substantial whale accumulation and a surge in trading volume.
Moreover, this price action comes as SOL edges closer to potentially claiming the third spot in crypto rankings.
Solana Breaks $260 ATH Amid Whale AccumulationAs per blockchain analytics platform, Lookonchain, Solana’s price rose to $260.28, narrowly exceeding its previous ATH of $260.06 from the last bull market.
Whale transactions have contributed substantially to this rise. A newly created wallet withdrew 42,443 SOL (valued at $11.14 million) from Binance in the past two days.Moreover, another whale bought 100,000 SOL worth $23.86 million and staked it.
This whale now holds 231,919 SOL, equivalent to $55.58 million.Such high-value transactions highlight growing confidence in Solana’s long-term prospects, with major investors accumulating the asset amidst its price rally.
Solana’s Remarkable Growth Over Four Years
Analyst Crypto Patel noted that Solana has delivered exceptional returns since its inception. Over the past 1,480 days, SOL has grown by 24,220%, or 242x, meaning a $1,000 investment during its early days would now be worth $242,200.
Patel also shared predictions suggesting that Solana could reach $450 in this bull run, underscoring its potential as a strong investment option.
These statistics highlight the project’s sustained performance, positioning it as a leading contender in the cryptocurrency market.
Solana Eyes Tether’s Market Cap PositionSolana’s rapid ascent is narrowing the gap with Tether. SOL’s current market capitalization of $124.7 billion is only $5 billion below USDT’s $130.7 billion, according to Crypto Patel.
By reaching $276, SOL will overtake Tether as the third-largest crypto by market cap. Solana’s potential to compete with other top assets is demonstrated by this development.
At publication, Solana trades at $261.39. Moreover, SOL has had a daily volume of $15.14 billion according to CoinGecko data. The value of the token has risen by 24.74% and 8.64% in the last week and day, respectively.
