Solana(SOL) is steadily riding bullish waves, thanks to the growing memecoin market and the ripple effect of the U.S. elections 2024. Consequently, Solana joined the $100 billion market cap club and outranked the stablecoin USDC but dipped 1.03% soon after.
Notably, even after the 1.3% dip in the past 1 day, SOL is trading at $205.79 and has a market cap of $97.18 billion after a slash of 1.17%. However, the 24 hour market volume for Solana has gone up by 84.68%, to $8.33 billion, at the time of writing.
Despite the slight plunge, SOL continues to reign in the crypto market after outranking US stablecoin (USDC) in terms of market capitalization. It has now become the fourth largest digital asset. According to 8marketcap data, SOL’s market capitalization has risen to around $98.92 billion, and has surpassed Vanguard Group, ranking 196th in global asset market value. The sentiments around SOL are positive which is underscored by the fact that market analysts see a continued bullish rally for the crypto.
Standard Chartered Bank analyst Geoff Kendrick has also predicted that given the recent price increase of Ethereum and Solana, the rise in Bitcoin’s price could have a “spillover effect,” and it seems inevitable that SOL will cross a new all-time high before the end of this year. This all-time high could be sooner than we anticipate if speculations about SOL Exchange Traded Funds (ETF) filings coming up this week turn out to be true.
The past year has seen a growth of around 276.38% for Solana, and its surge over the past month can be attributed to various factors—one of them being the increasing interest in memecoins. US Elections 2024 saw several election based memecoin rising, and Solana being one of the most popular blockchain for memecoins – was an ultimate winner in the memecoin rally.
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