Solana (SOL) Price Moves Closer to $100 Flipping Binance Coin for Fourth Spot

The Solana (SOL) value rally continues to be unstoppable with one other 17% rally and transferring extraordinarily close to $100. As of press time, the SOL value is buying and selling 17.15% up at $97.76 with a market cap of $41.7 billion.

Solana Flips BNB Coin for Fourth Spot

Within the newest 24-hour interval, Solana (SOL) has skilled a notable surge of over 16%, reaching a market worth of US$41.8 billion. This surge propels SOL forward of Binance Coin (BNB), which stands at US$41.1 billion, securing SOL’s place because the fourth-largest cryptocurrency by market capitalization.

The sturdy efficiency isn’t restricted to market capitalization alone; SOL’s contract buying and selling quantity throughout the community has witnessed a considerable 32% enhance, exceeding 10 billion. Moreover, the open curiosity in SOL contracts has reached 1.34 billion inside the identical timeframe, positioning Solana because the second-highest in open curiosity, trailing solely behind Bitcoin (BTC) and Ethereum (ETH).

This exceptional development underscores Solana’s rising prominence within the cryptocurrency market, signaling heightened investor curiosity and exercise on the Solana blockchain. Additionally, as per the data from DeFi Llama, the overall worth locked on the Solana blockchain has additionally surged previous $1.3 billion. Simply during the last two months, Solana has added greater than $1 billion in TVL as Defi exercise picks up.

Huge Buyers Promoting SOL?

Solana has been on an unprecedented rally with its value up by 700% for the reason that starting of the 12 months. Many of the features got here from mid-October because the Solana value jumped by 5 occasions during the last two months.

Amid this huge run-up in a really quick time, evidently large gamers have been liquidating their provides. Arthur Hayes, the co-founder of the crypto change BitMEX acknowledged that he has been promoting his SOL provide and buying Ethereum (ETH) as an alternative.

In a playful confession, Hayes stated that he obtained a divine message from God instructing him to dump SOL. Thus, he determined to half methods with $SOL and opted to amass extra of the favored cryptocurrency, Ethereum ($ETH). The playful confession was accompanied by a notice indicating that the investor now holds $ETH valued at $5,000. Whereas this revelation is probably going tongue-in-cheek, it provides a whimsical contact to the ever-evolving narratives inside the cryptocurrency neighborhood.

Fam … I’ve a confession to make.

I obtained a msg from the Lord whereas meditating. He stated dump that Sam coin POS, and profess your love for Archangel Vitalik.

So I dumped $SOL, and bot extra $ETH.$ETH = $5,000

— Arthur Hayes (@CryptoHayes) December 22, 2023

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Bhushan is a FinTech fanatic and holds a very good aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Know-how and Cryptocurrency markets. He’s repeatedly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and generally discover his culinary expertise.

The introduced content material could embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability to your private monetary loss.