Solana cryptocurrency breaks price record

The Solana cryptocurrency SOL $249.71 Solana 4.32% Market capitalization $118.51 billion VOL. 24 hours $1.75 billion , once called the «killer of ethereum» ETH $3,355.76 Bridged Ether (StarkGate) 6.96% Market capitalization $0.28 billion VOL. 24 hours $2.83 billion , has experienced a significant jump in value. Over the past week, the coin has increased in value by 40% and reached a new high of $ 58 in 2023.

According to the CoinMarketCap analytical tracker, on the morning of November 13, the coin is trading 3.27% lower than yesterday at $ 58.71. The total number of coins circulating on the market has hit $ 24.5 billion, and traders have made daily trading deals worth $ 2.6 billion.

Crypto analyst Jacob Canfield conducted a comprehensive analysis that showed that SOL could be on the verge of an «unprecedented market surge.» The expert suggests that the coin could potentially increase its market dominance to 12−15%.

Canfield’s analysis is based on several indicators. He draws attention to the Solana (SOL) dominance chart, noting that even at the peak of its market capitalization, it did not exceed 3%. Given the current trends and the breakout of SOL/BTC from its weekly resistance, Canfield foresees a scenario in which the cryptocurrency could enter a parabolic rally.

The crypto expert suggests that if SOL continues its trend against bitcoin BTC $96,828.00 Bitcoin 2.38% Market capitalization $1.92 trillion VOL. 24 hours $6.03 billion , it could easily reach $ 1,000 per coin and take second place after bitcoin. «Solana could triple or even increase its market dominance, which is currently around 12−15%, and if it continues its trend against bitcoin, it could easily reach $ 1,000 per coin and take second place after bitcoin,» the analyst emphasized.

The growth of Anatoliy Yakovenko’s native blockchain coin was driven by various factors, including the broader upward trend in the cryptocurrency market and the excitement around bitcoin ETFs, as well as the growing excitement of risky investments among investors.

Interestingly, the upward trajectory of Solana coincides with the daily liquidation of 250,000−750,000 SOL tokens due to the bankruptcy proceedings of the FTX crypto exchange. The coin sale started after the Delaware Bankruptcy Court in the United States approved the sale of 55.75 million SOL tokens in September 2023.