Solana (SOL) Nears $100: A New High in Market Cap Ranking

Solana (SOL) is making headlines with its dramatic rise near $100, surpassing major cryptocurrencies in market cap rankings.

Explore the latest developments, including the BONK meme coin surge, Trezor's Solana support, and Phantom wallet updates, that are fueling Solana's market ascent and capturing investors' attention worldwide.

Stay tuned for more updates and analyses on Solana's promising future in the crypto world.

Solana (SOL) Approaching $100, A Significant Recovery Since April

Solana (SOL) has experienced a remarkable price surge as of December 22, 2023, nearing the $100 mark, a price level last seen in April of the previous year.

While the SOL price hovered around $70 until about December 20, it has since seen a substantial increase, with the current price at approximately $97 per SOL.

Notably, the price of SOL reached the high $99s today before a brief decline, but as of this writing, it maintains an upward trend, fueling expectations for it to surpass the $100 threshold soon.

Solana Surpasses XRP and BNB, Climbing to Fourth in Market Cap Ranking

The price surge in Solana (SOL) has significantly boosted its market capitalization, leading to notable changes in the cryptocurrency market cap rankings.

Earlier this month, SOL's market cap had already surpassed that of XRP, and as of today, it has also exceeded Binance Coin (BNB), placing it fourth on CoinMarketCap's rankings.

Notably, when excluding the US dollar-pegged stablecoin USDT, which is currently third, SOL ranks as the third-largest cryptocurrency by market cap, following Bitcoin (BTC) and Ethereum (ETH).

Recent Buzz Around Solana: BONK and Other News

The recent period has been rife with news related to Solana. A significant highlight was last week's surge in the price of Solana-based dog-themed meme coin 'BONK', which soared to $0.000035, marking an over 21,000% increase in a year.

Following the BONK price surge, the demand for Solana's Web3 smartphone, 'Saga', spiked, leading to its sell-out. The aftermath saw a rise in 'Saga' resales, with some units fetching as high as $5,000.

Furthermore, on December 20, the popular hardware wallet 'Trezor' announced support for Solana blockchain.

The following day, the well-known Solana wallet 'Phantom' also expanded its support to include Bitcoin, Ordinals, and BRC20 tokens.

These developments, along with numerous reports about airdrops (free distributions) related to Solana, suggest a bullish market trend, heightening interest in the Solana ecosystem and contributing to its significant price increase.

Moreover, a recent forecast on the cryptocurrency market for 2024 by the major US asset management company VanEck included predictions that Solana might become one of the top three blockchains in terms of market cap, total value locked (TVL), and user count.

This outlook further adds to the excitement surrounding Solana's future movements.

For the latest articles on Solana, click here.