Solana joins $100 billion club, hits near three-year high above $210
The fourth-largest cryptocurrency could potentially hit its 2021 all-time high of $260 in the coming days given its relative strength through the cryptocurrency’s eight-month-long consolidation phase, one analyst noted.
Sol surpassed its March-April cycle highs and touched $212 for the first time since the peak of the 2021 crypto bull market. The token has gained 34% over the week, leading BTC’s 18% move and the broader market’s CD20 index’s 27% advances. SOL’s all-time high was $260, or just over 20% above the current price of $214.
This week’s gains catapulted Sol to a market cap of over $100 billion, joining only three other cryptocurrencies with a much longer history above that threshold
Bitcoin, of course, the leading layer-1 smart contract platform Ethereum and the stablecoin Tether USDT.
Can Solana Overtake Ethereum?
The “turnaround” chatter has returned to x on crypto, though this time it’s about the idea that Solana’s market cap of $$SOL could at some point surpass that of $ETH, which currently sits at around $389 billion.
Solana’s milestone has broader implications for the cryptocurrency market, noted Julien Bittel, head of macro research at Global Macro Investor. SOL broke out of an eighth-month-long sideways consolidation channel, suggesting that the broader cryptocurrency bull market may have entered the most explosive phase, often referred to as the “banana zone” for its near-vertical rally.
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