With its recent bullish outburst, Solana (SOL) is demonstrating its decisive breakthrough from earlier market downturns. Based on statistics from CoinMarketCap, Solana is now trading for $101.75, up 5.3% over the last day. The digital currency has increased by over 15% during the last seven days given the present outlook.
The Solana trip has not been without its challenges. A few weeks ago, the currency dropped as low as $79.07 because to prevailing unfavourable emotions in the market. Many Solana supporters, including Raoul Pal, maintained that the SOL upsurge is near despite the concerning sell-offs at the time.
Since its monthly low, Solana’s price has broken through a number of resistance levels in its present incarnation. The currency is now on a massive price discovery level that might propel it to even more ambitious price marks in the near future. These resistance levels include the $80, $90, and $100 price marks, with SOL creating the $100 price mark as its new support level.
Notably, the Solana protocol uses its strong ecosystem expansion in the non-fungible token (NFT) and decentralised finance (DeFi) domains to boost sentiment everywhere.
Threat to Binance Coin (BNB)
Solana’s rapid growth is posing a challenge to other tokens like as Binance Coin. As of right now, Solana has successfully increased its market capitalization to $44,460,820,693, while Binance coin’s market capitalization is now set at $45,296,386,499.
Given its current growth pace, Solana may soon surpass Binance Coin to become the fourth-largest cryptocurrency by market capitalization, which would be a significant accomplishment for the former. Solana has surpassed XRP in its recent explosive ascent and is aiming for Ethereum in the more ambitious rankings.
In several measures, Solana already outperforms Ethereum, and in the near future, its capitalization may also eclipse that of Ethereum.
