This milestone was reached as SOL’s price crossed $190, pushing its market cap to over $90 billion, surpassing BNB’s $86 billion.
The impressive surge in Solana’s price has led to more than $4 million in liquidations of short positions, highlighting its market impact. With actual transactions per second (TPS) exceeding 1100, Solana demonstrates exceptional scalability and efficiency. Additionally, the total value locked (TVL) in Solana’s perpetual contracts has surged by 447% year-to-date, driven by platforms like Jupiter Exchange and Drift Protocol.
A key factor propelling Solana’s recent success is the approval and launch of spot Ethereum ETFs. This development has shifted the focus of both retail and institutional investors towards Solana, positioning it as a top contender for potential ETFs. Consequently, Solana has seen the highest inflows of any altcoin following Ethereum, with inflows reaching $9.6 million.
LATEST: $SOL overtakes $BNB to become the 4th largest crypto by market cap as it reclaims the $190 level.
How bullish are you on Solana? pic.twitter.com/vwTtKoI9yb
— CoinGecko (@coingecko) July 29, 2024
Institutional interest in Solana continues to grow, with many institutions viewing SOL as a promising investment. Since early July, Solana has experienced a significant increase in daily active addresses, now exceeding 2 million.
Despite these achievements, a recent CoinGecko survey indicates that only 10.6% of crypto investors believe Solana will surpass $1,000. Nevertheless, analysts predict a substantial long-term rally for Solana, with some setting a price target as high as $1,000. Solana’s recent market performance and technical advancements suggest a promising future for the blockchain platform.
Solana’s rise to become the fourth-largest cryptocurrency by market capitalization is a testament to its strong performance and growth potential. The combination of robust technical metrics, increased institutional interest, and positive market sentiment underscores a bright future for Solana. As the blockchain ecosystem continues to evolve, Solana’s position as a leading cryptocurrency appears more solidified, drawing the attention of both individual and institutional investors alike. Its impressive scalability and efficiency make it a formidable player in the crypto market, with the potential for further growth and innovation in the years to come.
