Solana has turn into the sixth-largest cryptocurrency by market cap after overtaking XRP and will attain the $200 degree once more if the present momentum is maintained.
Solana Approaching the $200 Degree Once more
The cryptocurrency market has been in a bearish pattern for the previous few hours. Bitcoin and the opposite main cryptocurrencies have been buying and selling within the pink zone regardless of reaching a brand new all-time excessive just a few days in the past.
Nevertheless, Solana stays one of many high performers available in the market regardless of the final bearish pattern available in the market. Solana overtakes XRP to turn into the sixth-largest cryptocurrency, with a market cap above $56 billion.
On the time of this overview, SOL is down by 2.37% over the previous 24 hours and is buying and selling at $190 per coin. Nevertheless, the SOL/USD 4-hour chart is within the bullish zone, indicating that the coin may surge larger over the approaching hours or days.
The MACD line is within the bullish zone, whereas the relative power index of 52 exhibits that SOL is heading into the overbought area. If Solana maintains its present momentum, then it may look to its first main resistance degree at $201.
An prolonged bullish efficiency may permit SOL to check its all-time excessive degree of $213 once more over the approaching days. Solana reached its present all-time excessive on September 9 however has been struggling to succeed in that degree once more. For Solana to rally in the direction of a brand new all-time excessive, it will want the help of the broader cryptocurrency market. At the moment, the broader crypto market is in a consolidation interval following the rally earlier this week.
Solana’s TVL Tops $12 Billion
Solana’s newest mini-rally was boosted by current stories that the Whole Worth Locked (TVL) on DeFi protocols on the blockchain surpassed the $12 billion for the primary time in historical past. Ethereum stays the primary DeFi blockchain on the planet. Nevertheless, Solana has skilled large development on this space in current months.
The surge in Solana’s TVL comes due to the cryptocurrency’s enhance in worth over the previous few weeks. If Solana can proceed on its present path and surpass the $200 degree, then it stands an opportunity of surpassing Cardano and changing into the fifth-largest cryptocurrency by market cap.