Bitcoin
BTC$19 140.20

0.69%

Ethereum
ETH$1 052.12

-0.25%

Tether
USDT$0.999073

0%

USD Coin
USDC$1.000180

0.03%

Binance Coin
BNB$216.97

-0.05%

Binance USD
BUSD$1.000661

0.08%

Solana surpasses Cardano, Tether to become fourth-biggest crypto worth $76 billion


08 Nov 2021

#Solana

SOL price reached another record high on Nov. 7, bringing its YTD gains up by roughly 17,500%. Solana (SOL) surpassed Cardano (ADA) and leading stablecoin Tether (USDT) to become the fourth-largest cryptocurrency by market capitalization. At press time, the net worth of total SOL tokens in circulation was a little over $76 billion, falling only behind Binance Coin's (BNB) $109 billion, Ether's (ETH) $540 billion, and Bitcoin's (BTC) $1.17 trillion.

Meanwhile, Cardano and Tether's market cap came out to be $66.39 billion and $74.42 billion, respectively.

$100M fund launch boosts SOL's bullish outlook

Solana's market capitalization surged as its native token, SOL, rose to yet another record high. On Nov. 7, the SOL price crossed above $262 for the first time in history, primarily owing to a market-wide price rally that saw other top cryptocurrencies ink similar gains.

Meanwhile, SOL received additional bullish cues from Solana's foray into Web3 gaming development via its venture capital arm. Dubbed Solana Ventures, the firm announced Friday that it, alongside FTX and Lightspeed Venture Partners, would invest $100 million into the game studios and technology sector.

In doing so, Solana Ventures aims to attract desktop and mobile video game developers to build their projects atop its public blockchain, thereby raising the prospect of higher SOL adoption. A similar adoption boom in 2021 helped send the SOL price up by almost 17,500% YTD — from $1.51 to $262.45.

The uptrend surfaced as speculators started treating Solana as one of the most serious challengers to Ethereum, the leading smart contracts platform grappling with higher gas fees and network congestion issues. For instance, Solana claims that it could process 50,000-60,000 transactions per second (tps) for an average transaction fee of $0.00025. In comparison, Ethereum transacts 15-30 tps, with its median transaction cost ranging between $4 and $21.

Paul Veradittakit, a partner at Pantera Capital, told Bloomberg, called Solana "the top competition" to Ethereum, Cardano, and other smart contract platforms, regarding "developer adoption and momentum."

Nonetheless, Solana also exhibited signs of resource exhaustion, i.e., a lack of prioritization among SOL transactions and a lower number of validators that led to an eighteen-hour long network outage in September. If not fixed, it could raise the risks of reversed or altered transactions across the Solana network.

Correction risks for SOL price

Despite its latest rally to an all-time high, SOL risks undergoing a correction due to at least two bearish indicators. First, the SOL price has been forming a Rising Wedge, a technical pattern that typically results in lower prices. And second, the cryptocurrency has also been confirming a bearish divergence between its rising price and declining momentum (as confirmed by lower highs on its daily relative strength index).

A break below the Wedge's lower trendline, if accompanied by an increase in volume, would risk sending the SOL price lower by as much as the maximum height. That roughly puts SOL's downside target to levels between $205 and $91.52, depending on the level at which the bearish breakout begins. 


Related

Solana and Moonbirds help NFT market reach $6.3B monthly trading volume
Solana and Moonbirds help NFT market reach $6.3B monthly trading volume
Solana NFT marketplace integration and DApp metrics shine even after SOL’s 20% drop
Solana NFT marketplace integration and DApp metrics shine even after SOL’s 20% drop
Solana NFT sales pass $1.6B, wash trading on LooksRare and more
Solana NFT sales pass $1.6B, wash trading on LooksRare and more
Solana jumps past key selloff junction: SOL price eyes $150 in April
Solana jumps past key selloff junction: SOL price eyes $150 in April
Coinbase Wallet adds support for Solana
Coinbase Wallet adds support for Solana
Solana-based Zebec Protocol closes $15M Series A round
Solana-based Zebec Protocol closes $15M Series A round
Reasons why Solana (SOL) price could see additional upside in 2022
Reasons why Solana (SOL) price could see additional upside in 2022
Solana network outages show work still needed
Solana network outages show work still needed
Solana on-chain development increases after a recent DDoS attack
Solana on-chain development increases after a recent DDoS attack

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 60.8% 88 $19 140.20 0.69% -10.68% $365 286 501 881 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 55.6% 93 $1 052.12 -0.25% -14.42% $127 732 400 345 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.999073 0% -0.04% $66 020 314 113 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000180 0.03% 0.02% $55 812 644 858 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 61.2% 75 $216.97 -0.05% -9.70% $35 426 838 093 BNB 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 95.2% 1 $1.000661 0.08% 0.04% $17 558 830 487 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 64% 69 $0.316937 1.69% -12.93% $15 321 697 757 XRP 7 days price change
8 Cardano (ADA) ADA Cardano predictions 65.6% 71 $0.448043 0.04% -11.32% $15 122 596 829 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 66% 69 $32.98 0.94% -19.51% $11 325 363 890 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 70.4% 62 $0.066106 1.00% -14.30% $8 770 292 754 DOGE 7 days price change
11 Dai (DAI) DAI Dai predictions 92% 1 $1.000314 0.02% 0% $6 923 688 572 DAI 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 69.6% 67 $6.72 0.35% -17.69% $6 633 125 820 DOT 7 days price change
13 TRON (TRX) TRX TRON predictions 62.4% 74 $0.065691 3.85% -4.12% $6 075 697 886 TRX 7 days price change
14 UNUS SED LEO (LEO) LEO UNUS SED LEO predictions 70% 54 $5.88 2.75% 0.12% $5 608 593 130 LEO 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 68% 63 $0.000010 1.24% -13.41% $5 530 696 233 SHIB 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.