Solana, the cryptocurrency that has been making waves in the digital asset space, has experienced a remarkable 18% surge in its price over the past 24 hours.
This surge has propelled Solana to a significant milestone – reclaiming the fourth position in market capitalization. This achievement marks the first time Solana has reached this rank in over two years.
As a result of this impressive rally, Solana’s market capitalization now stands at a substantial $41.9 billion, surpassing Binance Chain’s BNB market capitalization of $41.8 billion.
The current price of SOL, Solana’s native token, sits comfortably at $98.40, reflecting an impressive 18% increase within the span of a single day.
Just a day before this development, on December 21st, Solana had already overtaken XRP in terms of market capitalization.
This surge is part of an ongoing trend for SOL, as it has surged by over 30% in the past week, outperforming other major cryptocurrencies in the same timeframe.
Despite often being referred to as the “ETH killer” by its supporters, Solana still has a substantial gap to close to catch up to Ethereum, which boasts a market capitalization of $269 billion.
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Solana’s last stint in the fourth position was in November 2021, during the peak of the previous bull market cycle, with a market capitalization of $75 billion, still trailing behind BNB’s $108 billion.
Remarkably, Solana’s price closed out 2022 at just under $10, primarily due to its association with the now-defunct FTX exchange and former crypto billionaire Sam Bankman-Fried.
Fast forward a year, and SOL has surged to almost $100, establishing itself as one of the standout performers among crypto assets for the year.
The surge in Solana’s popularity is further evidenced by the significant increase in Google searches related to the cryptocurrency, nearly rivaling those of Ethereum in the United States.
However, amidst this euphoria, technical analysts have issued a word of caution, warning of the potential for a major market correction before the year concludes.
On December 21st, the Solana team celebrated their accomplishments and looked back on the year in their “Solana Solstice” event.
The event highlighted various milestones, including the Bonk (BONK) hype, the launch of the Saga mobile device, integration with artificial intelligence, and valuable institutional partnerships.
Solana’s recent surge marks a remarkable chapter in its ongoing journey in the world of cryptocurrencies.
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