Solana Surges 15.8% to Become Fourth Largest Cryptocurrency by Market Cap
The crypto market increased by 6.8% following the US presidential elections, with Bitcoin reaching a new all-time high (ATH). Most cryptocurrencies closed positively, with Solana (SOL) experiencing a 15.8% rise in the last 24 hours and regaining significant support.
Solana Dethrones BNB As 4th Largest Crypto
The US elections provided a boost to the crypto market, leading Bitcoin to surge approximately 8.6% toward an ATH of $75,358. This increase was driven by the election of pro-crypto Republican candidate Donald Trump and a favorable Congress.
Solana followed Bitcoin's lead, rising over 15% to establish the $180 level as support and approaching the $190 resistance level. SOL’s daily trading volume surged 210% to $10.7 billion, while its market capitalization increased by 14.66% to $88.1 billion.
Consequently, Solana surpassed Binance Coin (BNB), which has an $85 billion market cap, becoming the fourth largest cryptocurrency. This performance has sparked bullish sentiment among investors, with expectations for further gains into Q1.
Is SOL Getting Ready For $400?
Solana demonstrated resilience during Q3’s market retracements, maintaining above key levels while many altcoins struggled. Following recent gains, crypto Trader Koz described SOL’s chart as “one of the absolute best-looking charts.”
The rise above $180 marks a breakout from an 8-month consolidation period that began after Solana peaked at $202. World of Charts noted that SOL appears more bullish than before.
An analyst observed that Solana broke above the upper line of a bullish flag pattern, suggesting a potential significant upward movement. This could propel SOL’s price toward a new ATH of $400. Analyst Jelle also highlighted the breakout, indicating SOL is poised to retest yearly highs.
Reclaiming the $200 mark, not seen since March, could drive the price above its previous ATH of $260. However, maintaining the $180 support is crucial; a failure to do so may lead to a pullback to the $160 support level.
SOL currently trades at $186.9, reflecting a 4.12% increase weekly and a 27.56% increase monthly.
