Solana (SOL) spins Binance Coin (BNB) to become the fourth largest cryptocurrency: details

TL;DR

Solana (SOL) became the fourth largest cryptocurrency by market capitalization after posting significant price gains of late. Analysts predict a further recovery, citing bullish patterns and increasing network usage. ALONE on the run

The cryptocurrency market is in the green today (July 29), with numerous leading digital assets posting substantial gains.

An example is Solana (SOL), whose price is up almost 5% daily, and is currently trading around $192. Its market capitalization reached nearly $90 billion, a level last seen in early April.

SOL Market Cap, Source: CoinGecko

The resurgence positioned SOL as the fourth largest cryptocurrency, surpassing Binance Coin (BNB). The latter’s market capitalization was well above $90 billion, but fell below $87 billion in recent hours.

There is no change in the top 3 list. Bitcoin (BTC) remains the undisputed leader with a market cap of nearly $1.4 trillion, followed by Ethereum (ETH) at $405 billion. The stablecoin Tether (USDT) is in third place with a market capitalization of approximately $114 billion.

What’s next for SOL?

Several analysts believe that the token’s price rally is nowhere near its end. X user Jelle argued that SOL’s current performance mirrors what was seen in the summer of 2021, which was then followed by a huge bull run to an all-time high of nearly $260.

“It should only go up from here if it continues to play the same. My target? $600,” the analyst said.

For his part, Captain Faibik stated that SOL had confirmed a “Bulish Pennant Upside Breakout” in the weekly period, which means that impressive new price peaks could be on the horizon before the end of this year.

It is worth noting that the total value locked (TVL) on Solana and the trading volume on the chain have increased recently. TVL, which refers to the amount of cryptocurrency assets staked, locked, or invested in the ecosystem, recently surpassed $5.5 billion. The upward trend generally indicates increasing use and adoption of the network and could be seen as a positive sign by investors.

Trading volume has hovered around $2 billion in recent days. Upward signals in the metric improved liquidity, increased demand and positive market sentiment. This could lead to a more stable trading environment, attract additional market participants and therefore positively affect the SOL price.

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