Solana surpasses $100 billion in market cap, joining Bitcoin, Ethereum, and Tether.
SOL price rallies 34% in a week, nearing its all-time high of $260 set in 2021.
Solana leads blockchain networks in transaction volume, with 10 billion transactions in 2024.
Solana (SOL) has officially reached a market capitalization of over $100 billion, placing it among the most valuable assets in the cryptocurrency market.
The altcoin’s rise is fueled by a recent 8% price surge, taking its value to $212.66, the highest level seen since November 2021.
This surge follows a seven-day rally where Solana’s value increased by over 30%, outpacing most other major cryptocurrencies and underscoring its robust performance in the current crypto market cycle.
https://twitter.com/BobLoukas/status/1854276166066246135
With this milestone, Solana joins a select group of crypto assets with a $100 billion valuation, including only Bitcoin, Ethereum, and the stablecoin Tether (USDT). Binance’s BNB token will likely be the next entrant to this group, with its market cap hovering at $91.79 billion after a 15% gain in the past week.
While Solana has yet to break its all-time high of $260, set in 2021, the token’s recent rise signals a significant recovery.
Solana had dropped as low as $8 following the collapse of the FTX exchange, but has since rebounded, thanks to increased DeFi activity and strong performance in memecoin trading.
Whale investors have also shown significant interest in Solana, with large accumulations reported over the past few weeks. Notably, a whale identified by Lookonchain as “AA21…VxH9” has acquired 257,599 SOL tokens since late October, totaling $54 million, and purchased an additional 7,500 SOL on the day of Solana’s latest price surge.
https://twitter.com/lookonchain/status/1855659185691922878
While Solana’s performance has ignited discussions around its potential to compete with Ethereum’s market cap, a gap remains. Ethereum’s market cap currently exceeds $389 billion, more than three times that of Solana.
Despite this, Solana continues to dominate blockchain networks in transaction volume, recording 10 billion transactions this year. In comparison, NEAR logged 1.99 billion transactions, while Ethereum reached 361 million transactions in 2024.
Expectations remain high for Solana’s future, with speculation growing around a potential exchange-traded fund (ETF) for the asset.
Market optimism has been fueled by regulatory changes under Trump’s new administration and a possible future ETF listing for Solana, which could follow the path set by Bitcoin and Ethereum.
Two asset managers have already filed applications for a Solana-based ETF, positioning the token for further growth in the crypto market.
