Solana Steals Spotlight with 600% Rally. Will SOL Flip BNB Again?

• Solana (SOL) has secured the 5th position with a market cap of $61.24 billion.
• Solana’s price has climbed over 6100% in the past five months, from $20.03 to $142.06.

Solana (SOL) has made significant strides in the cryptocurrency market, surging over 7% in the past 24 hours. With a market cap of $61.24 billion, Solana has overtaken XRP to secure the 5th position on CoinMarketCap, showcasing its growing influence in the digital currency market.

Solana is signaling a continued bullish trend and has differentiated itself from Ethereum by offering lower transaction fees. Recent trading activities have seen a considerable uptick, flagging increasing investor interest and confidence in Solana’s potential for growth. 

Additionally, the altcoin’s market cap is only $2.8 billion less than Binance’s native token, BNB, which has a market cap of $63.75 billion and is in fourth place. 

Is $200 imminent for Solana?

Binance, the world’s largest cryptocurrency exchange, has faced intermittent challenges with withdrawals to the Solana network due to a surge in transaction volume. Withdrawals were temporarily suspended but are expected to resume on March 9 following Binance’s efforts to address the issue.

Following that, Solana’s daily trading volume declined by over 34% in the last 24 hours, reaching $5.9 billion. However, this hasn’t stopped investors from being interested in and having confidence in Solana. SOL has been trading within a stable range of $130 to $142 over the past week, which indicates a bullish trend in the cryptocurrency market.

The price of SOL has displayed a significant surge since October, soaring by more than 600%. Currently, SOL trading at $139.38 witnessed a notable increase of 48% in the past month and an impressive 601% surge in the last six months.

Looking ahead, if SOL manages to surpass the $150 resistance level, it could signal a resurgence in bullish activity, potentially propelling the cryptocurrency toward the $180 mark. 

Conversely, a reversal in trend could see SOL retracing towards the $120 support level, with further downward pressure potentially leading to a test of the $100 support zone, indicating a possible bearish phase in the market.

Additionally, Solana has seen the emergence of new meme coins based on celebrities and politicians, further diversifying its ecosystem and drawing attention from traders and investors alike.