Solana (SOL) has recently gone ahead of Binance Coin (BNB) in market capitalization, taking the fourth spot in the crypto list. This happened when Solana’s price went over $190, giving it a market capitalization of more than $90 billion, compared to BNB’s $86 billion. The rise in Solana’s price caused over $4 million in losses for people betting against it.
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What Made Solana’s Price to Rise
Solana can handle more than 1100 transactions per second, showing how fast and efficient it is. Plus, the total value locked in Solana’s ongoing contracts has grown by 447% this year. Platforms like Jupiter Exchange and Drift Protocol have played major roles in this growth.
One of the main reasons for Solana’s price surge recently is the approval and launch of spot Ethereum ETFs. This has caught the eye of both small and large investors, making Solana a top choice for potential ETF inclusion. As a result, Solana has seen the highest inflows of any altcoin after Ethereum, with inflows reaching $9.6 million.
Interest from investors in Solana has been growing. Many institutions see SOL as a good investment. Since the start of July, Solana has seen a huge increase in daily active addresses, now over 2 million. Isn’t it amazing how quickly it’s growing?
Even with these impressive numbers, a recent survey from CoinGecko shows that only 10.6% of crypto investors believe Solana will go beyond $1000.
Analysts, however, predict a long-term strong rally for Solana and have set a price target as high as $1,000. Solana’s recent performance and technical analysis show a promising future for the blockchain.
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