- According to the latest development, Solana’s market cap has reached new highs, currently surpassing the total value of major companies such as MicroStrategy (MSTR), Robinhood (HOOD), and Dropbox (DBX).
- Despite MicroStrategy’s notable Bitcoin holdings and Robinhood’s effectiveness in the online brokerage sector, Solana has now exceeded their market cap.
- The number of active Solana addresses has surged from 83,930 to an impressive 351,500, reaching a peak not seen since mid-October.
Solana’s significant price increase has allowed it to surpass the market values of these companies: Will SOL price continue to rise?
Solana’s Market Cap Strengthening
According to the latest development, Solana’s market cap has reached new highs, currently surpassing the total value of major companies such as MicroStrategy (MSTR), Robinhood (HOOD), and Dropbox (DBX). According to the latest data, SOL is currently trading at $91.67, indicating a 10.59% increase in the last 24 hours. This surge has elevated Solana to the fifth position in terms of market capitalization, surpassing XRP.
Solana’s triumphant rise has propelled it above the market values of three major companies recognized in traditional finance and the technology sector—MicroStrategy, Robinhood, and Dropbox. Despite MicroStrategy’s notable Bitcoin holdings and Robinhood’s effectiveness in the online brokerage sector, Solana has now exceeded their market cap.
According to the latest data, Solana’s market cap stands impressively at $39,286,177,685. This significant achievement underscores the increasing importance of decentralized technologies. In comparison, Solana’s value currently exceeds the sum of MicroStrategy’s $7.84 billion, Robinhood’s $10.91 billion, and Dropbox’s $10.30 billion, totaling $29.1 billion.
The increase in SOL’s value can be attributed to a rally that added a remarkable 21% in just the past week, contributing to its already impressive growth of 250%. Additionally, Solana’s tremendous growth is based on the success of the leading meme coin BONK. BONK’s price has increased by 80% in the past few weeks, bringing the meme coin’s price to $0.00001852. BONK’s recent listings on major exchanges such as Binance and Coinbase significantly contributed to Solana’s rise in market cap.
SOL’s Growing Ecosystem and Market Activity
A previous COINOTAG report indicates a notable increase in activity on the SOL network. The number of active Solana addresses has reached an impressive 351,500, a peak not seen since mid-October, when it was 83,930. This increase signals a significant rise in interest and participation in the Solana ecosystem.
From a technical perspective, Solana’s recovery trend is highlighted by an increase in critical daily Exponential Moving Averages (EMAs) – 20, 50, 100, and 200. Additionally, the Relative Strength Index (RSI) above 60% projects a positive sentiment among traders.
As Solana continues to shake up the crypto market industry, observers are eagerly watching for its next moves in the coming days. With sustainability above key levels, a rally potential to $95 and $120 in the medium term is becoming increasingly likely.
