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Solana Flips Cardano and Sets a New All-Time High. Will it Rally Higher?
Solana has overtaken Cardano to become the fifth-largest cryptocurrency by market cap. At the time of writing, Solana is now the fifth-largest cryptocurrency by market cap and set a new all-time high of $230.
Cardano previously occupied third place in the market, just behind Bitcoin and Ether. However, it has lost its place in the market in recent weeks, with Binance Coin (BNB), Tether (USDT) and Solana (SOL) all ahead of it in this regard.
Solana’s value has increased by 11% over the past 24 hours, making it the best performer amongst the top ten cryptocurrencies by market cap. By rallying more than 11% over the past 24 hours, SOL reached a new all-time high of $230 a few hours ago.
SOL/USD 4-hour chart. Source: FXEMPIRE
Solana’s total market cap is now above $68 billion. If the cryptocurrency continues to perform excellently, it could soon touch the $70 billion mark and challenge USDT for the fourth position on the market.
The cryptocurrency market has been performing excellently since the start of the fourth quarter. Solana’s recent rally saw it reach a new all-time high at $230, setting it up nicely to record further gains over the coming hours and days.
If Solana can maintain its current momentum, then it could rally higher and make a move towards the $250 resistance level over the next few hours or days. An extended rally could see SOL make a move towards the $300. However, SOL would need the support of the broader cryptocurrency market if it is to reach the $300 level soon.
Solana has become home to some of the leading DeFi protocols. Numerous NFTs are also minted and sold on the Solana network.