Solana Surpasses PayPal In Market Cap As Price Soars 6%; Analyst Predicts ‘Big Breakout’ Ahead

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As a seasoned analyst with over two decades of experience in traditional markets and the burgeoning world of cryptocurrencies, I’ve seen my fair share of market volatility and rapid growth. Solana (SOL) has certainly caught my attention lately, not just because of its impressive performance against the top ten cryptos, but also due to its recent leapfrogging over a financial titan like PayPal in terms of market cap.

Over the last seven days, Solana (SOL) – currently the fifth largest digital currency by market value – has surpassed several of the top ten crypto assets with a significant 6% price surge. This upward trend places Solana second only to Dogecoin (DOGE), which saw a 7.8% increase over the same timeframe, making them the top two performers among the leading cryptocurrencies by market capitalization.

In my analysis, I’ve noticed that Solana has managed to exceed the market cap of PayPal, a renowned payment platform. This achievement represents a substantial milestone in the world of cryptocurrencies, underscoring Solana’s growing influence and potential.

Solana Market Cap Hits $83.56 Billion

Currently, Solana’s market capitalization is around $83.56 billion, marking a 2% increase. Compared to PayPal, which has a slightly lower market cap of $83.52 billion, this indicates that Solana is garnering more interest and investment as it continues to draw the attention of investors.

Regarding trade activity, Solana experienced a significant surge of approximately 28% within the last day, equating to roughly $2.76 billion. Conversely, PayPal’s daily trade volume has hovered around $11.66 million over the past quarter.

Even though Solana has made progress recently, it has struggled to surpass the crucial resistance level of $180 in the near future. Over the past week, there have been four failed attempts to do so.

Over the past day, this battle has resulted in a minor dip of 1%, causing the current Solana trading price to be at $175.60.

Potential Upside Breakout From Triangle Pattern

Regardless of any immediate challenges, crypto expert CryptoBullet has recently expressed a positive viewpoint about the future price of Solana, predicting that the SOL/BTC trading pair is on the brink of a significant surge – a “major breakout.” The analyst believes this potential rise could signify the final upward push in Solana’s current market trend.

According to past forecasts by CryptoBulltet, it appears that Wave 4 in Solana’s price movement on the weekly graph is now complete. This situation might trigger a breakout from a significant triangular pattern, potentially leading us towards unprecedented new peak prices.

As a crypto investor, I’m currently holding onto some Solana (SOL) coins that are trading between $175 and $179. Despite this, it’s clear that these prices represent a significant drop of almost 33% from its all-time high of $259, which was reached during the bull market of November 2021.

Examining the significant resistance points, the recent period of sideways movement has allowed the token to establish a robust support at approximately $170, keeping it from dipping any further, had it broken this point during the current correction, it might have led SOL to the $164 region where its next potential support lies.

Despite numerous optimistic forecasts for Solana and the overall market in the closing months of the year, particularly as we approach the US elections, if the token successfully surpasses $180 and stabilizes, the next potential level to aim for would be $200. This is a price point that has not been reached since the onset of the previous bearish trend at the end of July.

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2024-10-29 08:46