- Solana’s recent 12% price surge has boosted its market cap to $116.7 billion, positioning it as a strong contender to surpass Tether’s $127 billion market cap.
- Analysts suggest a potential price of $270 could solidify this milestone, marking a new all-time high for Solana.
Solana, launched in 2020 has stolen the spotlight with its remarkable upward price trajectory. Its commendable surge in market value has ignited speculations among the crypto community that the digital asset known for its speed and scalability could soon overtake Tether’s USDT stablecoin in market capitalization.
Solana’s current price trajectory has positioned it as a strong contender in the cryptocurrency market. In fact, at the time of writing, Solana’s SOL is swapping hands with $246.50 representing a 1.53% and 14.64% surge in the past 24 hours and week respectively. Additionally, the digital asset, with a current market cap of $116.93B after a 1.16% surge has recorded a 55% growth in the monthly charts.
Notably, this surge has positioned it well ahead of Binance-backed BNB, which it surpassed earlier this month. BNB currently holds a market cap of $87.8 billion.
This strong price performance has solidified Solana’s standing as one of the most promising blockchain platforms. Analysts suggest that if Solana can maintain this momentum, it could soon set a new all-time high, surpassing its previous peak of $259.
In order for Solana to attain its goal of surpassing Tether’s USDT market cap, the digital asset needs to first surge past the $270 mark. Should the current price growth rate continue, Solana would surpass its all-time high record of $259.99 set on November 6, 2021, but also elevate SOL’s market capitalization above Tether’s $127 billion. This would make Solana the third-largest cryptocurrency by market value, trailing only Bitcoin and Ethereum.
This milestone solidifies Solana’s position as a major player in the crypto space. Its high-speed, low-fee blockchain continues to attract developers and projects, boosting demand for SOL tokens.
As earlier reported, SOL recently recorded a surge in its total value locked. As of November 10, Solana’s TVL had climbed to $7.6 billion, its highest since December 2021.
This surge in TVL highlights rising user deposits and is largely driven by the adoption of DApps such as Jito, Raydium, Drift, and Binance’s liquid staking. These DApps alone contributed a substantial 36% increase in network deposits, reinforcing the demand for Solana’s services.
While Solana’s recent performance is undeniably impressive, it’s crucial to maintain a realistic perspective on the challenges ahead. Reaching a $270 price point and surpassing Tether’s market cap would necessitate sustained buying pressure and favorable market conditions. Additionally, the competitive landscape, macroeconomic factors, and regulatory developments could significantly impact its trajectory.
Despite these potential hurdles, Solana’s ascent towards Tether’s position underscores its growing influence in the blockchain industry. Its rapid growth reflects strong investor confidence and its competitive advantage in the dynamic crypto landscape.
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