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Solana (SOL) is on a bullish rampage today, showcasing its ultimate breakthrough from previous market drawdowns. According to CoinMarketCap’s data, Solana is now changing hands for $101.75, up by 5.3% in the past 24 hours. With the current outlook, the digital currency has soared by more than 15% in the trailing seven-day period.
The Solana journey has been quite bumpy, seeing as weeks ago, the coin traded as low as $79.07 as bearish sentiments engulfed the market at the time. Even though the sell-offs at the time proved troubling, many Solana proponent, like Raoul Pal, argued that the SOL uptrend might be delayed, but it is imminent.
The current manifestation in Solana’s price has seen the coin breach several resistance points since its monthly low. These resistance levels include the $80, $90 and $100 price marks, with SOL forming the $100 price mark as its new support level; the coin is now on a mega price discovery level that might push it to even more ambitious price marks in the near term.
The Solana protocol notably harnesses its robust ecosystem growth in the decentralized finance (DeFi) and non-fungible token (NFTs) spheres to revive sentiment across the board.
Threat to Binance Coin (BNB)
The skyrocketing growth in Solana is proving to be a threat to other competing tokens like Binance Coin. At the moment, Solana has sufficiently pushed its market capitalization to $44,460,820,693, with that of Binance coin now pegged at $45,296,386,499.
With the rate of growth, Solana might soon flip Binance Coin as the fourth largest cryptocurrency by market cap, a move that will mark a big feat for the former. In its meteoric rise in recent times, Solana has outranked XRP and is setting its sights on the more ambitious ranks toward Ethereum.
Solana is already beating Ethereum in some metrics, and perhaps in the near future, it might surpass it in capitalization as well.`
Arman Shirinyan
Alex Dovbnya
