Solana’s Bull Run: SOL Surpasses XRP to Become the Fifth Largest Crypto Asset
TL;DR
SOL’s Price Increase: Solana’s SOL rose 5% in 24 hours and 18% in a week, becoming the fifth largest cryptocurrency by market cap, overtaking XRP.
Future Price Predictions: Analysts predict further increases for SOL, with targets ranging from $90 to $300, and an optimistic forecast up to $1,000.
Investment Diversification Advice: Crypto analyst Jacob Canfield recommends diversifying investments between Ethereum and Solana, likening it to investing in both Microsoft and Google, or Tesla and Ford.
SOL Climbs the Ladder
Solana’s native token – SOL – has once again positioned itself as a top performer in the cryptocurrency market. It has risen over 8% in the past 24 hours and 18% in the last week (per CoinGecko’s data).
Its latest surge switched the positions in the cryptocurrency sector, with the coin becoming the fifth largest in the realm. SOL’s market capitalization recently touching almost $34 billion, thus surpassing XRP. The latter has also recorded some gains lately, albeit not as substantial as its rival’s.
SOL Market Cap, Source: CoinGecko
SOL’s Possible Next Stop
Solana’s impressive price performance this year has given analysts the opportunity to envision a further rally for the asset.
The popular X (Twitter) users Ali and Deftsue were among those presenting somewhat realistic predictions. The former suggested that a sustained close above $68.2 could push SOL toward $90, whereas the latter believes that the token could soon surpass the $100 mark. Crypto King was more bullish, claiming the coin could jump to $300 in the long run.
The most optimistic bet came from the crypto analyst Jacob Canfield, who thinks a price explosion toward $1,000 may be in the cards. He also advised individuals to diversify and invest in both Ethereum and Solana:
“No reason not to have allocations to both. It’s like trying to bet on Microsoft or Google. Tesla or Ford. Just buy both.”
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Filed under: Bitcoin - @ December 21, 2023 6:21 am