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Solana has hit the $100 billion market cap making it become one of the top performing assets of 2024. In the wake of Trump’s win and more rate cuts from the Federal reserve, Solana jumped to almost a 3 year high above $210 ascending excitement into the crypto community as it is now buzzing about the next bull run.
Solana’s Three-Year High and Market Dynamics
Solana broke above $212 which is the highest since the crypto bull run in 2021. This 34% weekly surge far exceeded Bitcoin’s 18% gain and also outspaced the CoinDesk 20 Index’s 27% in the same period.
With a market cap above $100 billion, Solana joins Bitcoin, Ethereum and Tether as one of the only assets in the crypto space to reach this milestone.
The “Flippening” Debate Revived in Crypto Circles
SOL’s surge has brought back the flippening debate in the crypto space. This entails the likelihood of SOL’s $100B milestone catching up to Ethereum’s market capitalization- a situation known within the crypto community as the “flippening.”
Although SOL’s market cap is still below Ethereum’s $389 billion, analysts are talking about Solana continuing to go higher and eventually challenging Ethereum’s dominance in smart contract space.
After all the questions about SOL’s probability following FTX’s collapse in 2022, its resurgence has been impressive. Additionally, aside from its DeFi ecosystem gaining traction, SOL’s popularity among retail crypto has solidified its position.
According to recent reports from Coinbase, Solana’s ecosystem is reportedly the 3rd most profitable in crypto. Coinbase linked it to an increase in DeFi and memecoin protocols like pump.fun.
Analyst Insights: SOL to New Highs
The bigger picture of Solana’s upward move is that the crypto bull run may just be on the verge of entering a new phase. Global Macro Investor’s head of macro research, Julien Bittel said Solana’s breakout above the 8 month consolidation is the start of the “banana zone”, a term he uses to describe steep market acceleration.
Also, Bob Loukas, a leading cross-asset trader said SOL might go back to its former ATH of $260 in the coming weeks.
“SOL to ATH within 14 days wouldn’t be a surprise now”. He also added that SOL’s relative strength to other assets will continue to fuel more upside in a fast-growing market.
Conclusion: What’s next for Solana and the overall market?
If SOL continues to be this strong and grows, its impact on the entire crypto space will be immeasurable. The asset’s performance in a crypto hot spot might mean the whole industry is entering a bull run. Since the price momentum is strong, investors will be watching if the asset can continue the momentum, while most of the crypto community is hoping it’s the start of a good cycle for both digital assets and DeFi.
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