CandleFocus Solana Joins $100B Club, Hitting Nearly a Three-Year High Above $210
2024-11-10
Author: Content Editor
Solana's native cryptocurrency, SOL, reached a new milestone by breaking above its previous cycle highs and hitting $212 for the first time since the peak of the 2021 crypto bull market. SOL has gained 34% over the week, surpassing the gains of Bitcoin and the broader crypto market. Its market capitalization now exceeds $100 billion, placing it among the select few cryptocurrencies to reach this threshold. Speculation has risen about SOL potentially surpassing Ethereum's market cap, which currently stands at about $389 billion. Solana's comeback can be attributed to its popularity among retail crypto users, its role in the meme coin craze, and the resurgence of decentralized finance (DeFi) activity on the network. The cryptocurrency's breakout from a consolidation channel suggests that the broader crypto bull market may have entered an explosive phase. Traders and analysts have expressed high hopes for SOL, with some predicting it could reach its previous all-time high price within the coming weeks.
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