Solana (SOL) Price Moves Closer to $100 Flipping Binance Coin for Fourth Spot

The Solana (SOL) price rally continues to be unstoppable with another 17% rally and moving extremely close to $100. As of press time, the SOL price is trading 17.15% up at $97.76 with a market cap of $41.7 billion.

Solana Flips BNB Coin for Fourth Spot

In the latest 24-hour period, Solana (SOL) has experienced a notable surge of over 16%, reaching a market value of US$41.8 billion. This surge propels SOL ahead of Binance Coin (BNB), which stands at US$41.1 billion, securing SOL’s position as the fourth-largest cryptocurrency by market capitalization.

The robust performance is not limited to market capitalization alone; SOL’s contract trading volume across the network has witnessed a substantial 32% increase, exceeding 10 billion. Additionally, the open interest in SOL contracts has reached 1.34 billion within the same timeframe, positioning Solana as the second-highest in open interest, trailing only behind Bitcoin (BTC) and Ethereum (ETH).

This remarkable growth underscores Solana’s increasing prominence in the cryptocurrency market, signaling heightened investor interest and activity on the Solana blockchain. Also, as per the data from DeFi Llama, the total value locked on the Solana blockchain has also surged past $1.3 billion. Just over the last two months, Solana has added more than $1 billion in TVL as Defi activity picks up.

Big Investors Selling SOL?

Solana has been on an unprecedented rally with its price up by 700% since the beginning of the year. Most of the gains came from mid-October as the Solana price jumped by 5 times over the last two months.

Amid this massive run-up in a very short time, it seems that big players have been liquidating their supplies. Arthur Hayes, the co-founder of the crypto exchange BitMEX stated that he has been selling his SOL supply and purchasing Ethereum (ETH) instead.

In a playful confession, Hayes said that he received a divine message from God instructing him to dump SOL. Thus, he decided to part ways with $SOL and opted to acquire more of the popular cryptocurrency, Ethereum ($ETH). The playful confession was accompanied by a note indicating that the investor now holds $ETH valued at $5,000. While this revelation is likely tongue-in-cheek, it adds a whimsical touch to the ever-evolving narratives within the cryptocurrency community.

Fam … I have a confession to make.

I received a msg from the Lord while meditating. He said dump that Sam coin POS, and profess your love for Archangel Vitalik.

So I dumped $SOL, and bot more $ETH.$ETH = $5,000

— Arthur Hayes (@CryptoHayes) December 22, 2023

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.