In a surprising turn of events, Solana (SOL) has defied the sluggishness of the global crypto market and overtaken XRP to become the fifth-largest cryptocurrency. This unexpected surge has left experienced investors astounded and analysts scrambling for explanations.
Why $100 SOL Might Happen Soon
While the broader crypto market remained stagnant, with a global market cap just above $1.61 trillion, Solana (SOL) embarked on an astonishing upward trajectory. Its market capitalization skyrocketed to an impressive $34.80 billion, a mind-boggling 915% increase since its lowest point in early 2023. This remarkable climb has been ongoing for the past 60 days, with SOL’s price already surging by 300%, leaving its competitors in awe.
Read Also: Forecasts for Solana: Most Audacious SOL Price Predictions
SOL’s recent rally can be attributed to the Solana network’s growth in terms of decentralized applications (DApps). On November 29, Solana’s total value locked (TVL) stood at a mere $654 million, representing only a 1.4% market share. This data has now grown to $1.28 billion, a 96% increase, according to DefiLlama.
The surge in deposits on the Solana Network was accompanied by increased activity in its decentralized applications.
It’s worth noting that Solana’s network volume gains outpaced those of its top competitors. Similarly, the number of unique active addresses interacting with Solana’s DApps grew to an impressive 875,250, while most competing blockchains experienced a decline in the same seven-day period.
Also, Binance Research recently released a bullish report on parallel computing, increasing blockchain throughput “by utilizing computing resources more efficiently.” The report specifically cited Solana as an example of parallel computing, making the surge in SOL price toward $100 more feasible.
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XRP’s Demotion: In the Shadow of Solana (SOL) Ascent
Meanwhile, as Solana (SOL) enjoys the limelight, XRP finds itself pushed to the sidelines, nursing its wounded pride. XRP’s price, a steadfast sentinel amidst the market’s noise, saw a modest 1.43% increase over the past 24 hours and a 2% dip over the past seven days.
This lackluster performance, pale in comparison to Solana’s meteoric rise, highlights the diverging fortunes of these two contenders. XRP, once the undisputed third and fifth-place champion, now stands dethroned, with Solana (SOL) proudly wearing the crown.
Read Also: As Solana Restarts Price Uptrend, Here’s Why SOL Is Poised For Huge Rally
Solana’s audacious move has rewritten the script of the crypto market, leaving investors breathless and pondering how long the newly-crowned king can maintain its reign. The battle for dominance is far from over, with both sides sharpening their strategies.
Analysts, on the edge of their seats, provide divided predictions. Some envision Solana’s reign continuing with eyes on the $100 price mark, propelled by its strategic maneuvers and technical expertise.
Others, however, whisper of a potential XRP comeback, fueled by its established ecosystem and loyal community.
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