Solana has risen to the top despite the market’s volatility. With a market cap of around $56 billion, Solana has surpassed Ripple or XRP and Tron to become the sixth-largest cryptocurrency.
The bitcoin market has been going lower over the last few hours. Despite having recently reached a new all-time high, Bitcoin and the other major cryptocurrencies have been selling in the red.
Beating the market for the second time
SOL is presently trading at $190 per coin, down 2.37% from Sunday’s price. On the other hand, the SOL/USD 4-hour chart is bullish, indicating that the coin’s price may rise in the coming days.
The moving average convergence/divergence (MACD) line is bullish, and the relative strength index (RSI) is approaching 52, which indicates overbought territory. A bullish trend is shown by the MACD line. To test its first key resistance level at $201, Solana must maintain its current speed.
If the present bullish trend continues, SOL might recover to its all-time high of $213. On September 9, Solana reached a record high but has since been unable to match it.
That support is required for the cryptocurrency market to rally around Solana and propel it to a new all-time high. The larger crypto market is currently consolidating following this week’s surge.
Hitting the $12 billion mark
Recent reports that the Total Value Locked (TVL) on DeFi protocols on the blockchain has surpassed $12 billion for the first time in history has boosted Solana’s recent mini-rally.
Ethereum is still the most widely used DeFi blockchain in the world. However, in the last few months, Solana has made remarkable strides in this area.
The increase in Solana’s TVL is a result of the cryptocurrency’s recent price hike. When Solana hits $200, it has a chance to surpass Cardano and become the fifth-largest cryptocurrency by market capitalization.
Image courtesy of Cointelegraph News/YouTube
Source: https://bitcoinerx.com/blockchain/solana-now-hitting-the-200-billion-mark-overtakes-ripple/
- 9
- AREA
- around
- Billion
- Bitcoin
- blockchain
- Boosted
- Bullish
- capitalization
- Cardano
- Coin
- coming
- continues
- crypto
- Crypto Market
- cryptocurrencies
- cryptocurrency
- cryptocurrency market
- Current
- DeFi
- First
- first time
- Forbes
- High
- history
- HTTPS
- Increase
- index
- IT
- Key
- Level
- Line
- major
- mark
- Market
- Market Cap
- Market Capitalization
- Match
- months
- Other
- present
- price
- rally
- Recover
- Reports
- Ripple
- Solana
- speed
- support
- surge
- test
- the world
- time
- top
- Trading
- TRON
- value
- Volatility
- world
- xrp
- Yahoo
- youtube
