Solana (SOL) overtakes Binance Coin (BNB) in market cap, securing the fourth spot among cryptocurrencies.
Solana’s price surge led to over $4 million in short position liquidations, reaching $193.
Approval and launch of spot Ethereum ETFs has driven institutional interest in Solana, with inflows reaching $9.6 million.
Solana (SOL) has recently surpassed Binance Coin (BNB) in market capitalization and has secured the fourth spot among cryptocurrencies. This milestone was achieved as SOL’s price crossed $190 and achieved a market cap of over $90 billion compared to BNB’s $86 billion.
LATEST: $SOL overtakes $BNB to become the 4th largest crypto by market cap as it reclaims the $190 level.How bullish are you on Solana? pic.twitter.com/vwTtKoI9yb
— CoinGecko (@coingecko) July 29, 2024
The surge in Solana’s price has led to over $4 million in liquidations of short positions. Its true transactions per second (TPS) exceed 1100. This demonstrates the network’s scalability and efficiency. Additionally, total value locked (TVL) in Solana’s perpetual contracts has increased by 447% year-to-date with platforms such as Jupiter Exchange and Drift Protocol leading this growth.
One of key factors driving Solana’s recent success is approval and launch of spot Ethereum ETFs. This development has shifted attention of both retail and institutional investors towards Solana. It positions Solana as a top contender for potential ETF. Consequently, Solana has noted the highest inflows of any altcoin after Ethereum with Inflows reaching $9.6 million.
Institutional interest in Solana has been growing. Many institutions consider SOL as their next investment target. Since the beginning of July Solana has seen a significant surge in daily active addresses reaching over 2 million.
Despite these impressive achievements, a recent survey by CoinGecko reveals that only 10.6% of crypto investors believe Solana will surpass $1000. Analysts predict a long-term substantial rally for Solana and have set a price target as high as $1,000. Solana’s recent market performance and technical advancements signal a promising future for the blockchain platform.
Solana’s recent ascent to the fourth-largest cryptocurrency by market capitalization marks a significant achievement. The combination of strong technical metrics increased institutional interest and positive market sentiment suggests a bright future for Solana.
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