Solana Surge Analysis: How Did Solana Take Over BNB?
The post Solana Surge Analysis: How Did Solana Take Over BNB? appeared on BitcoinEthereumNews.com.
Solana price has made headlines with its impressive surge, surpassing Binance Coin (BNB) to become the fourth-largest cryptocurrency by market capitalization. How did Solana grow so fast to be able to take over BNB, here are the details: How Did Solana Grow So Fast To Become The Fourth Largest Crypto? 1- Solana Price Surge Fuels Market Cap Growth Solana’s price has experienced a significant rise, recently surpassing $185 and closing in on $190. This surge allowed SOL to surpass BNB, with Solana’s market cap reaching $86.024 billion, edging out BNB’s $84.623 billion. The catalyst behind this rise includes the approval and launch of spot Ethereum ETFs, which shifted investor focus to Solana as a potential ETF candidate. 2- Solana’s Institutional Interest Solana has seen a notable increase in institutional interest. for the week ending July 20, Solana had the highest inflows of any altcoin after Ethereum, with $9.6 million in inflows compared to Litecoin’s $2.2 million. This significant interest from institutions suggests that Solana is becoming a preferred investment choice, driving its price higher and increasing its potential for further gains. 3- Solana’s Increasing User Activity Since the beginning of July, Solana has seen a significant surge in daily active addresses, reaching over 2 million. This 38% increase from the 1.45 million addresses recorded on July 10 demonstrates growing interest and confidence in Solana within the crypto community, further supporting its bullish outlook. Solana Price Prediction Based on Technical Analysis Solana’s current price of $185 is forming a double bottom pattern, a bullish indicator often referred to as the “W” pattern. This pattern suggests a potential 31% rally, targeting $245 and bringing SOL closer to its all-time high of $260. However, a failed breakout could see Solana’s price drop to $175, invalidating the bullish outlook. Crypto analysts highlighted a bullish…
Filed under: News - @ July 28, 2024 3:10 pm