Solana's $129B Market Cap Flips BNB: What's Fueling This Crypto Ascent? #QixNewsCrypto
2 days ago
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Solana (SOL) has officially surpassed Binance Coin (BNB) in market capitalization, claiming its spot as the fifth-largest cryptocurrency! This significant milestone sees SOL's market cap soaring past $129 billion, outpacing BNB by $3 billion.
The impressive rally is driven by several key factors. Institutional heavyweights like Galaxy, Jump, and MultiCoin have committed $1.65 billion to establish Forward Industries, a major SOL treasury firm. Galaxy Digital alone acquired $486 million worth of SOL recently, signaling strong institutional confidence. Mike Novogratz of Galaxy Digital even declared it 'Solana season,' highlighting its robust network capabilities for financial markets.
Beyond institutional backing, Solana's ecosystem is thriving. Its Total Value Locked (TVL) has hit a record high of $12.95 billion, marking a 20% increase in just 30 days and even surpassing Ethereum's combined Layer-2 TVLs. The memecoin sector on Solana has also exploded, with its market cap jumping nearly 80% to $13 billion since June. Furthermore, Solana is gaining traction as a preferred asset for corporate crypto treasuries, with 13 publicly listed companies now holding SOL.
Looking ahead, analysts are bullish on SOL's trajectory. While the price briefly touched $240 and is now targeting $260, some projections see SOL reaching $300-$350 in Q4. Options traders indicate over a 50% chance of hitting $250 by September. However, a potential pullback is also being watched, with key support levels around $218 and $208-$210. The overall market sentiment remains positive, especially with anticipated Fed rate cuts potentially providing further tailwinds.
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