Solana has been in an incredible bull run and has become the 4th largest crypto with a market cap of $74.8 billion. At number 5, we have USDT with a $72.5 billion market cap and ADA at 6 with $67.9 billion. This means things are close right now, but the rate at which SOL has been rising, it seems soon it will also topple BNB at no 3. Even Binance Coin had a recent price increase; else SOL would have already crossed it. Currently, the market cap of BNB is $107 billion.
What makes Solana special?
Solana is often talked about as an Etherem killer, But why? The simple answer is speed, efficiency, and cheap. Solana transactions are very fast and have a very small transaction charge. Compared to Ethereum, it is night and day. At the same time, the bandwidth of Solana is also very high at 50k-65k transactions per second (tps), while Ethereum’s is just at 15-30 tps. In fact, it has already processed more transactions than Ethereum.
Solana works on a combined model and is made to facilitate the creation of decentralized apps. It also aims to improve the scalability of the platform by adding proof of history to the staking model. The processing times on the blockchain are lightning-fast which means it can become a great means for instant payment. Solana’s technology has also been gaining institutional interest. It also promises that no matter how much the network scales, the transaction fees will stay low.
Growth and future
The price of Solana has increased substantially in the last 2 years. It started at just $0.04, which means it has already given over 5000x returns. And even in the future, the price targets for SOL remain extremely bullish. At present, we are looking at $300, $500, and eventually, $1000 by the end of this bull run is very likely. Considering that it is doing much better than Ethereum in many aspects, we can expect it to do great.
But do note that we can see some price correction in the short term, as suggested by the rising wedge pattern formed by the daily charts of SOL. So, if you are planning to take a trade, be aware. But for the long term, it is highly bullish.
As Solana becomes the 4th largest crypto, do you think it will cross BNB soon? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Bitcoin crosses $65k, and Ethereum hits new ATH: What’s next?
