Solana Price Prediction as $2.2 Billion Trading Volume Comes In – Can SOL Overtake Binance Coin?
The Solana (SOL) bulls are regaining control as trading volumes start picking up again at the start of 2024.
As per data presented by Yahoo Finance, $2.2 billion in spot SOL/USD trading volumes changed hands on Monday, up sharply from the low volumes of around $1.7 and $1.8 billion seen over the past two days, as SOL’s price pushes back towards $110.
SOL was last around $108, up around 4% in the past 24 hours as per CoinMarketCap, and eyeing a run back towards December’s multi-quarter highs at $125.
Solana was a star performer in December, gaining over 70% amid a surge in meme coin trading and airdrop hunting on the blockchain, which helped pump bullish narratives around the blockchain’s ability to rival Ethereum thanks to its innovative technology, super fast transactions and low fees.
Solana traders, just like broader cryptocurrency market participants, will be monitoring themes this like such as the potential approval in the US of spot Bitcoin ETFs, upcoming US macro data (namely the December jobs report out on Friday), and will be keeping an eye on Solana on-chain metrics to see whether the latest growth in activity is showing any signs of slowing.
Solana currently has a market cap of just under $47 billion, versus Binance Coin (BNB)’s market cap of around $47.5 billion.
That’s a very meagre gap to close, and one that Solana, prior to last week’s pullback from multi-quarter highs, has already closed in recent memory.
Indeed, Solana briefly became the fourth largest cryptocurrency in the world last week, behind only Bitcoin (BTC), Ether (ETH) and Tether USD (USDT) as its price peaked around $125.
Arguably, Solana stands a very good chance of overtaking BNB once again, given the former strong bullish momentum, and given the
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