Solana Price Prediction as SOL Overtakes Cardano as Popular Trader Says Huge Rally is Coming – Time to Buy?
Solana (SOL) is the second-best performing cryptocurrency in the top 100 by market capitalization on Thursday, having gained an impressive more than 7% on the session to hit its highest level since July above $25.
The cryptocurrency’s latest pump, which has seen it rally over 45% from its September lows under $17.50, has seen it reclaim a market cap of more than $10 billion.
In the process, SOL, the cryptocurrency that powers the high-performance smart-contract-enabled layer-1 Solana blockchain, has overtaken the market caps of rivals Dogecoin (DOGE) and Cardano (ADA) to rank as the seventh largest cryptocurrency by market cap.
The cryptocurrency collapsed to as low as $8 per token, marking a more than 95% pullback from its all-time high price around $260 back in 2021 at the time following the collapse of ill-fated crypto exchange FTX.
Ex-FTX CEO Sam Bankman-Fried had been a major advocate for Solana, and his now failed hedge fund Alameda had been a major liquidity provider within Solana’s Decentralized Finance (DeFi) ecosystem, hence the spectacular loss of confidence in the cryptocurrency following FTX’s demise.
But Solana has made a miraculous comeback in 2023.
Not only is its price (last just above $25) up over 200% from last year’s lows, but its ecosystem has seen an impressive rebound in liquidity this year.
As per DeFi Llama, the total value of crypto locked in Solana-based smart contracts remains in an uptrend and, at $1.1 billion, has more than doubled since the start of the year.
The latest bounce in Solana likely has more to do with optimism about upcoming spot Bitcoin ETFs than is does to do with any Solana-specific catalysts.
With Solana’s 2023 uptrend still strongly intact, if the cryptocurrency can break above
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