The situation on the cryptocurrency market is indicative of a bearish trend. Many top ten coins, including Bitcoin, have been losing ground. This is happening despite the fact that the reigning champion of crypto reached a new all-time high a few days ago. One top ten coin that’s emerging as an exception is Solana, which has remained one of the top market performers.
Solana overtakes Ripple
Solana overtook Ripple to become the sixth-largest cryptocurrency by market cap, FX Empire reported. At the time of writing, it was trading for $207.31 with a market cap of $62,787,446,367 according to CoinMarketCap.
If we are to witness an extended bullish performance, Solana might reach its all-time high of $213 again (achieved on September 9) in the next few days.
To reach a new all-time high, Solana would need the broader cryptocurrency market’s support. At the moment, the crypto market is consolidating after rallying earlier this week.
Total locked value exceeds $12B
Recently, it was reported that Solana’s TVL (Total Value Locked) on DeFi protocols on the Solana blockchain is in excess of $12 billion. This is a record for Solana. These reports helped boost its latest mini-rally. While Ethereum is still the number one DeFi blockchain in the world, Solana is a close second with its recent massive growth in this area.
Solana stands a chance of passing Cardano
The increase in Solana’s price in the past month has contributed to the surge in TVL. According to FX Empire, it might pass Cardano if it stays on its current path, becoming the fifth-largest cryptocurrency by market cap.
Solana is a leading DeFi blockchain
Solana’s blockchain has been drawing attention as a platform for developing NFTs, decentralized finance applications, and other services. Solana is benefiting from bullish trends on the broader market with investors looking to crypto as a hedge against threats from inflation and other potentially destabilizing market factors.
Market cap keeps rising, SOL supports highly scalable apps
According to Fool.com, the Solana blockchain can provide developers with a network that supports very high transaction processing and highly scalable applications. The price of the token will keep increasing as optimism about crypto and demand for the capabilities offered by the blockchain rise. However, it is likely that Solana will keep seeing volatile price swings, so investors would do well to keep its considerable risk profile in mind before committing to a trade.
