The Rise of Solana ($SOL) in the Crypto Market
The crypto market is buzzing with excitement as Solana ($SOL) once again surpasses Binance Coin ($BNB) to become the fourth-largest cryptocurrency by market cap, reaching a peak of $193. This bullish start to the new trading week has investors and traders alike keeping a close eye on Solana’s performance.
Not only did Solana achieve this milestone, but it also exceeded the combined 24-hour decentralized exchange (DEX) volume of Ethereum, Base, and Binance chains, reaching a new all-time high in DEX volume dominance at 42%. With just a 5% difference from its March highs, it seems likely that $SOL will set a new annual high this week.
What’s even more intriguing is the active accumulation of $SOL by key market participants, including Whales, Smart Money, and Smart DEX Traders. According to iCrypto.ai, $SOL currently ranks second in accumulation, just behind $ENS.
Last week, gradual accumulation signals for $SOL were observed within a price range of $177 to $185. A significant wallet, 0x41db, which had previously made a profit with $SOL, made another accumulation move by swapping $102K worth of $WBTC for $SOL at a price of $189.5 after a two-month hiatus.
As the market dynamics continue to evolve, all eyes are on Solana as it aims for new heights in the crypto landscape. Investors and traders are advised to do their research before making any investment decisions in the volatile crypto market.
Stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news by following us on Twitter @nulltxnews.