Solana Surges 18%, Claims Fourth Spot in Crypto Market

In the past week, SOL gained over 30%, outperforming major cryptocurrencies. Despite being dubbed an "ETH killer," Solana has yet to reach Ethereum's $269 billion market cap.

Solana Surges 18%, Claims Fourth Spot in Crypto Market
Solana Surges 18%, Claims Fourth Spot in Crypto Market

A significant increase of 18% in the price of Solana during the course of the last twenty-four hours has propelled the cryptocurrency to the fourth position in terms of market capitalization. This is the first time that it has achieved this position in more than two years.

As a result of the most recent spike, the market capitalization of Solana has risen to $41.9 billion, surpassing the market capitalization of Binance Chain, which was $41.8 billion. The current price of SOL is $98.40, representing an increase of 18% over the course of the day.

When it came to market capitalization, Solana had already exceeded XRP just one day earlier, on December 21.

Over the course of the past week, SOL has experienced a gain of more than thirty percent, exceeding all other major cryptocurrencies during the same time period. Solana, on the other hand, has a long way to go before it can catch up to Ethereum’s market cap of $269 billion, despite the fact that many of its advocates have started calling it the “ETH killer.”

Solana Surges 18%, Claims Fourth Spot in Crypto Market

Top 10 cryptocurrencies by market cap. Source: CoinGecko

CoinMarketCap estimates that Solana last ranked fourth in November 2021. Even though it had a market cap of $75 billion at the time, it was still behind BNB, which had a market cap of $108 billion. This was during the apex of the bull market cycle.

Solana’s price, on the other hand, finished 2022 at a level that was a little lower than $10. This was primarily due to the fact that it was associated with the bankrupt FTX exchange and the former crypto billionaire Sam Bankman-Fried.

One year later, SOL has reached a price of approximately $100, making it one of the crypto assets that has performed the best over the course of the year.

According to Google Trends, there has been a significant rise in the number of searches conducted for Solana, which has nearly surpassed the number of searches conducted for Ethereum in the United States.

Solana Surges 18%, Claims Fourth Spot in Crypto Market

Solana vs. Ethereum search trends in the United States. Source: Google Trends

But technical analysts have also expressed concern about the possibility of a significant crash occurring before the end of the year.

As part of the “Solana Solstice” celebration and yearly review of events that took place on December 21st, the Solana team reflected on the past year. The team discussed the excitement surrounding Bonk (BONK), the launch of the Saga mobile device, the integration of artificial intelligence, and institutional relationships.