One of the wonders of the crypto market in recent times is the Solana (SOL) token. So, since the October rally, Solana’s uptrend in the market continues to be consistent. Although there are retracements, one of the major strengths is the continuous increase in market cap.
Solana (SOL) Massive Market Cap Increase
- Over the past weeks, Solana (SOL) is very keen on making massive increases in the crypto market. So, according to data from CoinMarketCap, some metrics of this crypto are ballooning to the top. One of the metrics whose progress is very noticeable in the market is the market cap. So, the market cap of a cryptocurrency is the total worth of that cryptocurrency in the market. To calculate a market cap, one has to multiply the current price of the token with the circulating supply.
- Currently, Solana (SOL) made a swoop in the market, flipping one of the biggest stablecoins, USDC, in the rankings. So, the USDC stablecoin is taking the 7th position while Solana is moving on to the 6th. This is quite surprising, considering how Solana (SOL) started the year. So, details from Coinmarketcap show Solana now has more than $29 billion as the market cap. On the other hand, USDC is lagging behind at above $26 billion.
What Next For Solana After Surpassing USDC?
- According to analysts, there are only more expectations from Solana (SOL) after its recent record. So, many would expect it to keep on with the trend of making it to the top. In fact, there’s another token that should be careful about their position in the market. That’s XRP.
- Details show that Solana (SOL) is getting closer to the market cap value of XRP. So, data from CoinMarketCap shows that the XRP token has about $34 billion as the market cap. This means that Solana needs around $6 billion to surpass XRP. The market is unpredictable, and there’s a good chance that this is possible. Of course, the next thing after this is that more investors might likely come in after all these increments. So, the next thing to analyze might be the price of this token.
Solana (SOL) Price Update
- Solana (SOL) price update might be the biggest catalyst to help this token break many records. So, Solana maintains its place as one of the fastest-growing coins in the market. Recently, the price just moved from around $0.62 some days back to $0.69. Apparently, Solana is keen on making that breakaway to $1.
- At the time of writing, the daily price increase of this token is at more than 10%. So, there’s a 14% and 60% increase in the weekly and monthly chart, respectively.
Conclusion
There’s room for improvement as Solana (SOL) continues to surge in the crypto market. So, one of the major results of this uptrend is the increment in the market cap. Solana recently displaced USDC from the 6th position, and there are chances it will take on XRP in the 5th position.
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
