Solana Enters $100 Billion Club as Price Surges Past $210
Solana's cryptocurrency, SOL, achieves a significant milestone amidst a bullish market, potentially reaching its 2021 record high soon.
Solana's native cryptocurrency (SOL) achieved a remarkable milestone over the weekend, surging as bitcoin's (BTC) recent breakout to new record prices intensified a broader crypto rally following Donald Trump's election victory and the Federal Reserve's rate cut.
SOL broke above its previous cycle highs, reaching $212 for the first time since the peak of the 2021 crypto bull market. Over the past week, SOL has surged by 34%, outperforming BTC's 18% increase and the CoinDesk 20 Index's 27% rise. Solana's all-time high price of $260 remains just beyond the current price of approximately $214.
This week’s surge pushed SOL's market capitalization past $100 billion, making it one of only four cryptocurrencies above that threshold, alongside Bitcoin, Ethereum's ETH, and Tether's USDT. Discussions about the possibility of SOL's market cap surpassing ETH are circulating again, especially as ETH stands at around $389 billion.
Following the collapse of key backer FTX and Alameda Research in 2022, Solana has bounced back impressively, emerging as a go-to platform for retail crypto users and a vibrant ecosystem for memecoins, notably through popular initiatives like pump.fun. Increased decentralized finance (DeFi) activity has further bolstered the network, propelling it to become the third-most-profitable sector in the crypto space, as highlighted in a recent Coinbase report. Over the past year, SOL has appreciated by 275% amid a market largely driven by Bitcoin.
@JulienBittel emphasized the broader market significance of Solana's milestone, suggesting it indicates the potential start of a robust bull market phase dubbed the "banana zone," characterized by steep price rallies. Notably, well-known trader Bob Loukas stated, "We officially just started the next phase of the bull market" and predicted that SOL could reach its previous all-time high soon.
Read more: Coinbase Brings Bitcoin to Solana, Spurring High Hopes for DeFi Surge