Riding the coattails of Bitcoin’s blistering run to new all-time highs above $69,000, Solana (SOL) saw an explosive price surge of its own – vaulting over 7% in just 24 hours to reach two-year highs beyond $140. This meteoric ascent allowed the high-throughput blockchain to flip Binance’s BNB token for the coveted #4 overall market cap ranking.
With a total crypto market capitalization now exceeding $2.5 trillion after the weekend’s rally, outliers like eCash (XEC) and the revived Terra Classic (LUNC) captured traders’ attention through a staggering 50%+ daily gains. XEC’s rise comes amid $1.5 billion in trading volume while LUNC spiked on positive legal developments involving founder Do Kwon.
But Solana’s milestone overshadowed other altcoin performers as it cemented its standing among the elite cryptocurrency heavyweights just three months after Bitcoin peaked in the 2021 bull cycle. With institutional capital flooding the space, SOL’s scalability and low fees position it to continue accruing value if bull market conditions persist.
As a blockchain optimized for DeFi, NFTs, and Web3 primitives, Solana now carries a fully diluted valuation of roughly $41 billion – larger than many established public companies. While critics question its decentralization tradeoffs, SOL’s ascent exemplifies how swiftly value can accrue to networks being utilized at scale.
