{"id":1220,"date":"2024-11-12T06:00:22","date_gmt":"2024-11-12T06:00:22","guid":{"rendered":"https:\/\/ad-doge.com\/blog\/solana-market-cap-surpasses-100-billion-setting-up-sol-for-potential-ath-rally\/"},"modified":"2024-11-12T06:00:22","modified_gmt":"2024-11-12T06:00:22","slug":"solana-market-cap-surpasses-100-billion-setting-up-sol-for-potential-ath-rally","status":"publish","type":"post","link":"https:\/\/ad-doge.com\/blog\/solana-market-cap-surpasses-100-billion-setting-up-sol-for-potential-ath-rally\/","title":{"rendered":"Solana Market Cap Surpasses $100 Billion, Setting Up SOL For Potential ATH Rally"},"content":{"rendered":"

Solana (SOL) recently saw its market cap surge past $100 billion, setting the stage for a potential all-time high (ATH) rally for its native SOL token.<\/p>\n

Solana Reclaims $100 Billion Market Cap, Is SOL ATH Imminent?<\/h2>\n

Solana, currently the cryptocurrency with the fourth-largest market cap, recently joined the ranks of Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) by surpassing the $100 billion mark in market valuation.<\/p>\n

At the time of writing, Solana\u2019s native token SOL is trading at $216.43, marking impressive weekly gains of 32.6%. In comparison, Bitcoin has gained 19.6% and Ethereum 29.7% over the same period.<\/p>\n

To recall, SOL\u2019s current ATH of $259.96 was recorded in November 2021, at the peak of the crypto bull market, buoyed by monetary easing as a measure to tackle the coronavirus pandemic.\u00a0<\/p>\n

However, this upward momentum changed sharply for SOL at the height of the FTX crisis, with its price plummeting to a low of $8.68 in November 2022. SOL\u2019s current market price thus reflects an almost 40x increase from these lows.<\/p>\n

Despite this substantial recovery, analysts believe there is still more room for SOL to rally, potentially setting a new ATH in its current price surge.<\/p>\n

Providing commentary on SOL\u2019s recent price action, Julien Bittel, Head of Macro Research at Global Macro Investor, shared his analysis, saying that the SOL\/BTC trading pair has broken out of an 8-month sideways consolidation channel, potentially moving toward the \u201cbanana zone\u201d in Q4 2024.<\/p>\n

For the uninitiated, the \u201cbanana zone\u201d in trading terms refers to a phase where the underlying asset may witness an explosive, parabolic price appreciation, leading to extraordinary gains in a short period.<\/p>\n

This breakout has positioned SOL for either an inverse head-and-shoulders pattern on the daily chart or a cup-and-handle pattern on the weekly chart, both incredibly bullish patterns for the altcoin.<\/p>\n

\"SOL\"<\/p>\n

Another crypto trader, Bob Loukas, shared his outlook on X, stating that he wouldn\u2019t be surprised to see SOL reaching a new ATH \u201cwithin 14 days.\u201d Loukas hinted that SOL could “get silly” in 2025, suggesting the potential for abnormal gains shortly.<\/p>\n

Overall Sentiment Bullish On SOL<\/h2>\n

As BTC continues establishing new ATHs beyond $80,000, the wider crypto market appears to follow the leading asset\u2019s price momentum.\u00a0<\/p>\n

Among major altcoins, SOL has piqued the interest of several crypto analysts due to its potential to \u201cflip\u201d Ethereum\u2019s market cap and become the leading smart contract platform.<\/p>\n

In related news, Solana\u2019s decentralized finance (DeFi) ecosystem\u2019s total-value-locked (TVL) rose to $5.7 billion during Q3 2024, signifying a 26% quarter-over-quarter (QoQ) growth.<\/p>\n

Some analysts are wary of SOL\u2019s current price action, suggesting that the token might be headed for a sharp correction before further upside movement. BTC trades at $82,251 at press time, up 3.5% in the past 24 hours.<\/p>\n

\"bitcoin\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Solana (SOL) recently saw its market cap surge past $100 billion, setting the stage for a potential all-time high (ATH) rally for its native SOL token. Solana Reclaims $100 Billion Market Cap, Is SOL ATH Imminent? Solana, currently the cryptocurrency with the fourth-largest market cap, recently joined the ranks of Bitcoin (BTC), Ethereum (ETH), and…<\/p>\n","protected":false},"author":1,"featured_media":1221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[220,22,32,36,254,255,69,71,174,109,117],"class_list":["post-1220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-altcoin","tag-bitcoin","tag-btc","tag-btcusdt","tag-cryptocurrency","tag-digital-asset","tag-eth","tag-ethereum","tag-sol","tag-solana","tag-solusdt"],"_links":{"self":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/1220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/comments?post=1220"}],"version-history":[{"count":0,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/1220\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media\/1221"}],"wp:attachment":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media?parent=1220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/categories?post=1220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/tags?post=1220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}