How Solana Outperformed 2 Top Altcoins And Its Ripple Effect On Prices
Solana (SOL) has emerged as a standout performer in the recent
crypto market rally, catching the attention of investors and
analysts alike. The entire cryptocurrency market has been on a
bullish streak, with most digital assets turning green on the
charts. However, Solana has managed to stand out by achieving an
unprecedented increase in its price. At the time of writing, SOL
was trading at $23.54 on CoinGecko and boasted a market
capitalization near $10 billion. While the coin did register a 1.6%
loss in the past 24 hours, its seven-day surge of 22% indicated its
resilience and potential for further growth. In fact, this
remarkable price uptrend enabled Solana to surpass both Dogecoin
(DOGE) and Cardano (ADA), securing its position as the
seventh-largest cryptocurrency by market capitalization. BREAKING:
$SOL FLIPS $DOGE AND $ADA IN MARKET CAP pic.twitter.com/RXKCBQinIJ
— DEGEN NEWS 🗞️ (@DegenerateNews) September 30, 2023 Related
Reading: Crypto Era Looms: BIS Innovations Chief Calls On Central
Banks To Prepare Solana’s Growth Drivers One key factor behind
Solana’s surge was its impressive 100%+ increase in 24-hour trading
volume, providing robust support for its price appreciation.
Additionally, Solana’s performance within the decentralized finance
sector also experienced notable growth during this period. The
positive sentiment surrounding Solana was further evidenced by data
from LunarCrush, which indicated a nearly 47% surge in SOL’s social
engagement over the last seven days. Investors and enthusiasts were
increasingly drawn to the coin as its price continued to rise.
Source: LunarCrush Gearing Up For A Bull Market Pseudonymous
analyst Inmortal, active on the social media platform X, expressed
optimism about Solana’s potential. Inmortal believes that Solana
presents a significant opportunity for long-term investors to
accumulate the cryptocurrency at a point of maximum potential. In
two years you will realize that everything was as simple as buying
$SOL below $20 and wait. But you were too scared because FTX was
going to dump their coins. — Inmortal (@inmortalcrypto) September
20, 2023 According to Inmortal, those who accumulate SOL at its
current price point are likely to be handsomely rewarded in the
coming years. In a statement, Inmortal said, “In two years, you
will realize that everything was as simple as buying SOL below $20
and waiting. But you were too scared because FTX was going to dump
their coins.” SOL market cap approaches the $10 billion level.
Chart: TradingView.com Concerns had arisen when court documents
revealed that FTX owns approximately $1.16 billion worth of SOL.
This led many traders to speculate that Solana’s price might face
downward pressure if FTX were to liquidate its holdings.
However, notable investor Chris Burniske pointed out that only a
fraction of FTX’s SOL holdings are actually liquid, stating, “Only
~13% of FTX’s SOL holdings are liquid… Keep a cool head, folks.”
Related Reading: Solana Rebound Potential: Is $30 The Next Target?
As Solana continues to gain traction in the crypto market,
investors are closely watching its performance, with many betting
on the coin’s long-term potential and the possibility of
significant rewards for those who enter the market now. The recent
surge in Solana’s price and its positive developments in the DeFi
space have solidified its position as a cryptocurrency to watch.
(This site’s content should not be construed as investment advice.
Investing involves risk. When you invest, your capital is subject
to risk). Featured image from
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