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

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Name	Symbol	Market	Market Cap ($)	Algorithm
Solana	SOLUSD	Crypto	107,070,360,018	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Solana

SOLUSD

Crypto

107,070,360,018

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-8.06	-3.40%	228.79	228.78	228.79

Price Change

Price Change %

Current Price

Bid Price

Offer

-8.06

-3.40%

228.79

228.78

228.79

High Price	Low Price	Open Price	Prev. Close	52 Week Range
238.50	226.00	236.72	236.85	56.89 - 264.63

High Price

Low Price

Open Price

Prev. Close

52 Week Range

238.50

226.00

236.72

236.85

56.89 - 264.63

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	07:13:11	0.125721	228.79	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

07:13:11

0.125721

228.79

USD

Price x Volume	Volume	Base Symbol	Related Pairs
139,342,586.06	599,946.77	SOL	SOLEUR	SOLGBP	SOLBTC

Price x Volume

Volume

Base Symbol

Related Pairs

139,342,586.06

599,946.77

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

12/11/2024 12:00am

NEWSBTC

Solana (SOL) recently saw its market cap surge past $100 billion, setting the stage for a potential all-time high (ATH) rally for its native SOL token. Solana Reclaims $100 Billion Market Cap, Is SOL ATH Imminent? Solana, currently the cryptocurrency with the fourth-largest market cap, recently joined the ranks of Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) by surpassing the $100 billion mark in market valuation. Related Reading: Solana Breaks Above Key Resistance – Top Analyst Sets $300 Target At the time of writing, Solana’s native token SOL is trading at $216.43, marking impressive weekly gains of 32.6%. In comparison, Bitcoin has gained 19.6% and Ethereum 29.7% over the same period. To recall, SOL’s current ATH of $259.96 was recorded in November 2021, at the peak of the crypto bull market, buoyed by monetary easing as a measure to tackle the coronavirus pandemic. However, this upward momentum changed sharply for SOL at the height of the FTX crisis, with its price plummeting to a low of $8.68 in November 2022. SOL’s current market price thus reflects an almost 40x increase from these lows. Despite this substantial recovery, analysts believe there is still more room for SOL to rally, potentially setting a new ATH in its current price surge. Providing commentary on SOL’s recent price action, Julien Bittel, Head of Macro Research at Global Macro Investor, shared his analysis, saying that the SOL/BTC trading pair has broken out of an 8-month sideways consolidation channel, potentially moving toward the “banana zone” in Q4 2024. For the uninitiated, the “banana zone” in trading terms refers to a phase where the underlying asset may witness an explosive, parabolic price appreciation, leading to extraordinary gains in a short period. This breakout has positioned SOL for either an inverse head-and-shoulders pattern on the daily chart or a cup-and-handle pattern on the weekly chart, both incredibly bullish patterns for the altcoin. Another crypto trader, Bob Loukas, shared his outlook on X, stating that he wouldn’t be surprised to see SOL reaching a new ATH “within 14 days.” Loukas hinted that SOL could “get silly” in 2025, suggesting the potential for abnormal gains shortly. Overall Sentiment Bullish On SOL As BTC continues establishing new ATHs beyond $80,000, the wider crypto market appears to follow the leading asset’s price momentum. Related Reading: Solana ‘Must Break Descending Resistance’ To Regain Bullish Momentum – Analyst Among major altcoins, SOL has piqued the interest of several crypto analysts due to its potential to “flip” Ethereum’s market cap and become the leading smart contract platform. In related news, Solana’s decentralized finance (DeFi) ecosystem’s total-value-locked (TVL) rose to $5.7 billion during Q3 2024, signifying a 26% quarter-over-quarter (QoQ) growth. Some analysts are wary of SOL’s current price action, suggesting that the token might be headed for a sharp correction before further upside movement. BTC trades at $82,251 at press time, up 3.5% in the past 24 hours. Featured image from Unsplash, Charts from X.com and TradingView.com

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SOLUSD Solana