In just two days, the Solana (SOL) crypto has undergone a spectacular reversal, overtaking Binance’s XRP and BNB in turn in terms of market capitalization. Driven by an 18% surge in the last 24 hours, SOL has propelled itself to 4th place in the crypto rankings, a first since November 2021.
The rise of Solana continues
Boosted by an 18% jump in its price, Solana’s market capitalization soared to $41.9 billion on December 22. The SOL crypto is currently trading around $98.40, continuing its momentum from last week where it had already outperformed all other major cryptos with a dizzying gain of more than 30%.
The last time Solana rose to 4th place was in November 2021, at the height of the crypto market’s bull frenzy. Its capitalization had then reached 75 billion dollars.
A year later, despite a fall below $10 following the FTX debacle which it was close to, Solana made a stunning comeback to return to flirt with $100. In just 12 months, the value of the Solana token has soared by 1000%.
However, despite the flattering comparisons with Ethereum that some enthusiasts make, the gap remains abysmal between the two networks: 269 billion in market capitalization for Ethereum against “only” 42 billion for Solana.
Growing crypto interest
Statistics Google Trends indicate that searches for the term “Solana” are literally exploding, now approaching those for “Ethereum” in the United States.
The network’s technological fundamentals and its ambitious roadmap for 2023 largely explain this sudden enthusiasm among investors. During its annual Solana Solstice event on December 21, the Solana team took stock of a year full of innovations, citing the launch of the Smartphone Saga, the extensive integration of artificial intelligence and multiple institutional partnerships. .
However, a sudden correction cannot be ruled out after such a spectacular surge. Some technical analysts also fear a major bearish reversal by the end of 2023. In any case, Solana will have left its mark at the end of the year, confirming its status as a serious contender for the throne of Ethereum.
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