- Solana (SOL) claims a top 10 position by surpassing Litecoin (LTC) in market cap.
- The Solana market soared 15.5% in just one week, from $7.7B to $8.8B.
Solana (SOL), often referred to as the “Ethereum killer,” has made significant strides in the cryptocurrency market, surpassing Litecoin (LTC) to claim the 9th position on CoinMarketCap. SOL’s impressive performance, marked by a 46% surge in price over the past month, has sparked bullish predictions among analysts.
Solana’s climb in the ranking resulted from a major rally in its market cap. The heightened activity on its network has propelled the market cap of SOL from $7,700,930,946 to $8,898,065,422, which soared over 15.5% in a week. In comparison, Litecoin (LTC) currently maintains a market cap of $7,109,710,294.
Solana (SOL) Shines with Bullish Momentum
While the global crypto market grapples with fluctuations, Solana has stood out with its remarkable gains. At the time of writing, Solana (SOL) traded at 22.14 with a 24 hour trading volume of $383 million. SOL has recorded a 2% increase in a day and a substantial 15% gain over the past week.
Further, Solana has achieved a notable milestone by breaking through both long-term and short-term resistance lines, signifying a crucial turning point for the cryptocurrency.
Recently, the Securities and Exchange Commission (SEC) “labelled Solana (SOL) as a security” along with 13 other cryptocurrencies. Following that, the Solana Foundation has responded to the SEC’s decision by expressing its disagreement with the classification of Solana (SOL) and other cryptocurrencies as securities.
However, Solana’s rise in both price and market position has captured the attention of the crypto community. Also, its strong performance and increased adoption indicate that Solana may be well-positioned to assert itself as a significant player in the crypto space. Possibly disrupting the dominance of established cryptocurrencies like Litecoin and Ethereum.
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