Solana Market Cap Surpasses $100 Billion, Setting Up SOL For Potential ATH Rally

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As a seasoned researcher who has navigated through numerous market cycles and witnessed the rise and fall of various cryptocurrencies, I must admit that the current surge of Solana (SOL) has piqued my interest. The $100 billion market cap milestone is not just a number; it’s a testament to the resilience and potential of this blockchain platform.

Lately, the market capitalization of Solana (SOL) has soared beyond $100 billion, which could signal an impending bullish rally towards a new record high (potential all-time peak) for its associated SOL tokens.

Solana Reclaims $100 Billion Market Cap, Is SOL ATH Imminent?

In simpler terms, Solana has now matched the status of Bitcoin, Ethereum, and Tether by reaching a market value of over $100 billion, making it the fourth-largest cryptocurrency by this measure.

Currently, the price of Solana’s native token SOL stands at $216.43, reflecting a significant weekly increase of approximately 32.6%. During the same timeframe, Bitcoin has risen by 19.6%, while Ethereum has experienced a growth of 29.7%.

In November 2021, during the height of the cryptocurrency bull market which was boosted by monetary easing as a response to the coronavirus pandemic, the all-time high (ATH) for SOL was reached at $259.96.

Initially, Solana (SOL) experienced a steady upward trend. But during the peak of the FTX crisis, this positive trajectory took a drastic turn, causing SOL’s price to plunge to $8.68 in November 2022. Now, given this significant drop, the current market price of SOL indicates nearly a 40-fold increase from those record lows.

As an analyst, I find myself intrigued by the significant recovery SOL has experienced so far. However, it’s important to note that many of us in this field anticipate that there could be further upward momentum for SOL. This potential rally might even push SOL towards a new All-Time High (ATH) amidst its current price surge.

Discussing the latest trends in SOL’s price movement, Julien Bittel, Chief of Macro Research at Global Macro Investor, offered his insights. He noted that the SOL/BTC trading pair has burst free from an 8-month long price range, which could lead to a trajectory towards the “banana zone” in the fourth quarter of 2024.

For those new to the subject, “the banana zone” in trading language is a stage where the base asset might experience a rapid, steep increase in price, resulting in significant profits within a brief timeframe, much like a banana quickly ripens and becomes sweeter.

The current development in SOL’s price action could lead to the formation of either an inverted head-and-shoulders pattern on its daily chart or a cup-and-handle pattern on its weekly chart. Both these technical patterns suggest a highly optimistic outlook for this altcoin.

Trader Bob Loukas expressed his viewpoint on cryptocurrency X, predicting it might hit a fresh all-time high within the next fortnight. He also indicated that SOL could exhibit unusually high performance in 2025, implying significant potential returns could be on the horizon.

Overall Sentiment Bullish On SOL

With Bitcoin consistently setting new all-time highs above $80,000, it seems that other cryptocurrencies are mirroring the surge in Bitcoin’s price movement.

Among well-known alternative cryptocurrencies, Solana (SOL) has sparked intrigue among numerous crypto experts for its possibility to surpass Ethereum’s market capitalization and establish itself as the primary platform for smart contracts.

In the latest update, the value locked within Solana’s Decentralized Finance system reached an impressive $5.7 billion in the third quarter of 2024, marking a significant 26% increase compared to the previous quarter.

Some experts caution about Solana’s recent price trends, predicting that the coin could see a significant drop before potential future growth. Meanwhile, Bitcoin is currently trading at $82,251 and has risen by 3.5% over the last day.

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2024-11-12 03:05