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At the beginning of the year, Solana (SOL) had fallen to as low as $8, but the price rally continues. With another rally of 17%, SOL maintains its unstoppable nature and is very close to $100. As of the time of writing, the SOL price is trading at $99, with a market value of $42.2 billion and an increase of 17.15%.
Solana Overtakes Binance Coin for the Fourth Spot
As an indicator of its unstoppable rise, Solana (SOL) experienced a significant increase of over 16% in the last 24 hours, reaching a market value of $42.2 billion. Following this increase, SOL surpassed the Binance Coin (BNB), which is valued at $41.1 billion. This rise has paved the way for SOL to become the fourth largest cryptocurrency by market value.
SOL’s solid performance is not limited to market value alone. The transaction volume tied to contracts on its network also saw a significant increase of 32%, exceeding $10 billion.
In addition, the open interest in contracts related to SOL also reached $1.34 billion in the same time frame, positioning Solana as the third highest open interest after Bitcoin (BTC) and Ethereum (ETH).
This growth in SOL highlights the increasing importance of the altcoin in the cryptocurrency market and reveals the growing investor interest and activity in the Solana blockchain.
Moreover, according to data provided by DeFi Llama, the Total Value Locked (TVL) in the Solana blockchain has also surpassed $1.3 billion. In just the last two months, Solana has added more than $1 billion to its TVL following the increase in DeFi activities.
Are Big Investors Selling SOL?
Since the beginning of the year, Solana has seen an unprecedented rise of over 700%. In the last two months, the price of Solana has increased fivefold. Most of these gains emerged since mid-October.
Amid this rapid and significant surge, it has been revealed that big names in the market are selling. BitMEX’s co-founder Arthur Hayes announced that he sold his SOL supply and instead bought Ethereum (ETH).
Hayes also made an interesting comment, stating that he received a divine message to abandon SOL. Following this, he decided to sell his SOL and made further purchases of the popular cryptocurrency Ethereum (ETH).
He also made a price prediction for ETH, pointing to $5,000. Although his statement was thought to be in jest, it draws attention to the price movements occurring within the cryptocurrency community.
