Solana Surpasses PayPal in Market Cap with 6% Price Increase
Solana (SOL), ranked fifth by market capitalization, has increased 6% in the past week, closely trailing Dogecoin (DOGE) at 7.8%. This performance positions Solana just above PayPal in market cap, marking a significant milestone.
Solana Market Cap Hits $83.56 Billion
Solana's market capitalization is approximately $83.56 billion, reflecting a 2% growth, compared to PayPal's $83.52 billion. This indicates rising investor interest in SOL.
In trading volume, Solana experienced a nearly 28% increase over the last 24 hours, reaching around $2.76 billion, whereas PayPal averaged $11.66 million over the past three months.
Despite recent gains, Solana struggles with a critical resistance level at $180, having made four unsuccessful attempts to breach it in the past week. The price has retraced slightly by 1% in the last 24 hours, currently trading at $175.60 per SOL.
Potential Upside Breakout From Triangle Pattern
Crypto analyst CryptoBullet has shared a bullish outlook for Solana, suggesting that the SOL/BTC trading pair may be nearing a significant breakout. Previous analyses indicated that Wave 4 of Solana's price action on the weekly chart has concluded, setting the stage for a potential breakout from a large triangle pattern, which could lead to new all-time highs.
Currently, Solana is trading between $175 and $179, down nearly 33% from its all-time high of $259 reached during the November 2021 bull market.
Key support levels indicate that Solana has established strong support at $170, preventing further declines. If this level is breached, the next support area would be around $164. However, if Solana surpasses $180 and consolidates, the next target would be the $200 level, not tested since the bearish trend began at the end of July.
Featured image from DALL-E, chart from TradingView.com