Solana Surpasses PayPal in Market Cap, Analyst Predicts ‘Big Breakout’ Ahead
Solana’s Market Cap Surpasses PayPal, Analyst Sees Bullish Potential
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Solana (SOL), the fifth-largest cryptocurrency by market cap, has been on a tear recently, outperforming several of the top ten cryptocurrencies with a notable 6% price increase over the past week. This surge has propelled Solana past payment platform PayPal in market capitalization, marking a significant milestone for the cryptocurrency.
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As of now, Solana’s market cap stands at approximately $83.56 billion, reflecting a 2% growth. In contrast, PayPal’s market cap is slightly lower at $83.52 billion, highlighting the growing interest and investment in SOL.
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Solana’s Trading Volume Soars
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Solana’s trading volume has seen a remarkable increase of nearly 28% in the last 24 hours, reaching around $2.76 billion. This robust volume further signifies the growing investor confidence in Solana.
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Analyst Predicts ‘Big Breakout’
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Despite facing challenges in breaking through its key resistance level of $180 in the short term, crypto analyst CryptoBullet remains bullish on Solana’s prospects. CryptoBullet suggests that the SOL/BTC trading pair is poised for a ‘big breakout,’ which could mark the final leg up in Solana’s current market cycle.
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The analyst believes that Wave 4 of Solana’s price action on the weekly chart has concluded, setting the stage for a breakout from a ‘massive’ triangle pattern. This breakout could propel Solana to new all-time highs.
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Looking Ahead
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While Solana is currently trading between $175 and $179, it remains down nearly 33% from its all-time high of $259. However, the recent consolidation suggests a strong support level at $170. If Solana manages to break above $180 and consolidate, the next target could be the $200 level.
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The upcoming US elections and the broader market’s bullish sentiment in the final months of the year could fuel further gains for Solana. With its impressive performance and the analyst’s bullish prediction, Solana appears to be well-positioned for a potential ‘big breakout’ in the coming weeks.