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Solana's 30% Weekly Growth Puts Cardano & Ripple Under Threat: CoinMarketCap

Tue, 06/21/2022 - 12:24
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Gamza Khanzadaev
Cardano & Ripple under threat as Solana is trying to reconquer its place in market cap top with 30% weekly growth
Solana's 30% Weekly Growth Puts Cardano & Ripple Under Threat: CoinMarketCap
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As of today, June 21, Solana (SOL) managed to gain up to 30% in a seven-day span. This performance added $3 billion to its capitalization. However, right now, Solana (SOL) takes only ninth place in the overall market cap top by CoinMarketCap, giving up to Cardano, Ripple, BNB Chain, Ethereum and, of course, Bitcoin. And those stats exclude stablecoins.

If or when SOL would be able to add another $10 to its price per token, Solana will see itself in seventh place, with both Cardano and Ripple behind it. Is it possible for Solana (SOL) to surge another 35%? Considering only the pace at which SOL is rising and the performance of its closest rivals in the market cap top it may be worth betting on.

Source: CoinMarketCap

Solana (SOL) price prediction

Even though CoinMarketCap attributes Solana's (SOL) impressive growth to its seven-day performance, do not let yourself be misled. The fact is, the rise truly did not start until Sunday, June 18, at $27.20 per token.

That day, Solana once again found itself at the bottom after failing to overcome the important mark of $35.75, recharged with investors' money and properly, with corrections, went on to storm the key price level. After a series of false breaks on Monday, June 20, the coin finally managed to pass the level of $35.75, taking it out with a big green candlestick. SOL is now trading above that level by 5% at $37.7.

Source: TradingView

If it manages to close above that level, there is a chance for SOL to continue rising, but whether that will result in a better position in the market cap top is unknown. At the moment, Solana is winning small battles, but no one knows yet who will win the war.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.