Solana （SOL） rises to the fourth spot in market cap rankings, surpassing Binance’s BNB, driven by strong institutional interest and recent price surges.
Points
- Solana surpasses BNB to become the fourth-largest cryptocurrency.
- SOL price reaches $185 with a market cap of $86.23 billion.
- Institutional interest and potential ETF approvals boost SOL.
Solana’s （SOL） impressive price rise over the past weeks has catapulted it to the fourth spot in cryptocurrency market cap rankings, surpassing Binance’s BNB. SOL is currently valued at $185, with a market cap of $86.23 billion, edging out BNB’s $85.79 billion.
Institutions Vote for Solana
One of the key factors behind Solana’s rise is the strong institutional interest. The approval and launch of spot Ethereum ETFs have opened up the possibility for other altcoins, including Solana, to see similar investment opportunities. According to CoinShares, Solana saw the highest inflows among altcoins, with $9.6 million in the week ending July
20, far surpassing Litecoin’s $2.2 million. This institutional confidence has been a significant driver in Solana’s recent market performance.
SOL Price Prediction: Up Next, Breakout
Solana is currently trading at $185, forming a double bottom pattern, also known as the “W” pattern, which is a bullish formation. A breakout above the neckline suggests considerable gains, potentially targeting a 31% rally ahead. This places the target at $245, bringing Solana closer to its all-time high of $260.
Should SOL successfully flip $200 into a support floor, the chances of reaching this target increase. However, a failed breakout or profit-taking among SOL holders could diminish the chances of a rally, potentially bringing Solana’s price down to $175, invalidating the bullish thesis.