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Solana price went vertical on Wednesday, November 6, as cryptocurrencies welcomed Donald Trump's win. It jumped to an intraday high of $188.40, its highest level since July 29 as a popular Wall Street analyst predicted a SOL ETF approval in the incoming administration.
This morning, Solana (SOL) woke up as the fourth most valuable cryptocurrency after surpassing Binance's BNB Chain (BNB) in capitalization. The surge happened as the United States elected Donald Trump as its next president – an outcome expected to favor cryptocurrencies.
The market participants have become extremely bullish over the crypto space, with Donald Trump winning the U.S. presidential elections. The Bitcoin price surged to hit a new ATH above $75,000, which helped the Solana price rise above $180 with enough bullish support. Besides, the DeFi TVL hits $6.
The U.S. election heats up, cryptocurrency markets are experiencing a surge in volatility, but one altcoin in particular—Solana (SOL)—has been attracting significant institutional attention. In fact, Solana's price movements are starting to reflect a broader sense of optimism from major investors, with $5.7 million in institutional inflows recorded just recently.
The popular crypto payment system, which was first built on the Solana blockchain, has just expanded to support Bitcoin, Ethereum, and Layer 2 (L2) solutions. This is a big deal for both merchants and customers.
TL;DR Solana (SOL) has surpassed Binance Coin (BNB) to become the fourth-largest cryptocurrency by market capitalization, with Solana's market cap at $86.8 billion compared to BNB's $83.1 billion. Solana's growth is driven by increased on-chain activity and higher transaction fees, with its decentralized exchange Raydium generating over $3 million in fees within 24 hours.
Traditional financial institutions are increasingly building on the Solana blockchain, attracted by its technical capabilities and low transaction costs, despite its popular association with memecoins.
Cryptos surge on US Election Day – Discover Key Price Levels, Drivers Behind the Rally, and What's Next for These Top Cryptos.
Bitcoin dominance approached 61% with Solana dominance also primed to touch record high.
In this article, we look at the latest (bullish) news from the crypto world involving the Solana blockchain and the SOL token.
Solana made a big leap, climbing 17% to hit $188. This pushed it above Binance Coin (BNB), making it the fourth-largest cryptocurrency by market cap. On the other side, Toncoin's ranking slipped, moving down from the 9th to the 11th spot.
SOL's market capitalization has outperformed BNB's, claiming the fourth position among the top largest cryptocurrencies by market cap. According to live data from CoinMarketCap, Solana's SOL has performed impressively in the last 24 hours, recording a gain of 15.41%.
Bitcoin (BTC) has rocketed by almost 10% in the past 24 hours and has just set a new all-time high of $74,730, as Republican candidate Donald Trump took an early lead in the presidential elections.
Solana's valuation swelled to $87.3 billion, joining other altcoins like Dogecoin in posting double-digit gains amid a general market uptrend.
An incoming crypto-friendly Trump administration could make allowing crypto ETFs in the U.S. easier, traders say, boosting SOL's prices.
Solana's rapid rise in the NFT market is fueling demand for SOL, positioning it as a strong contender in the blockchain space.
Ethereum (ETH) products saw a significant turnaround this week, with $9.5 million in inflows, reversing its recent streak of outflows and surging ahead of Solana (SOL) in the race for institutional investment. According to a report from Coin Shares on crypto fund flows, Ethereum's momentum gained ground amidst macroeconomic uncertainty, largely driven by the ongoing political events surrounding the U.S. Presidential elections.
In October, the Solana blockchain registered 123 million active addresses. It has grown 42% since September and has risen dramatically from 12.7 million addresses at the start of the year.
Helio Pay has expanded its Solana Pay integration on Shopify, enabling merchants to accept a wider range of cryptocurrencies, including Bitcoin and Ethereum, while streamlining transaction management and enhancing payment flexibility for customers. The post Helio Pay Leverages Solana's Power to Expand Crypto Payments on Shopify appeared first on Cryptonews.
Solana continues to demonstrate its robust stance in the broader blockchain sector following a recent significant increase in on-chain activity, with transaction volumes and user engagement rising massively across its network. Generally, SOL's market performance may benefit from this substantial growth, which could indicate persistent network scalability and health.
President of The ETF Institute, Nate Geraci, says the upcoming election will profoundly impact the future of crypto ETFs. The approval of new spot ETFs for assets such as Solana, XRP, and Litecoin is of particular interest.
Solana gains alongside Bitcoin's US election-related rally, and data hints that SOL price could hit $200.
The cryptocurrency market is always in motion, but recent developments in popular coins like Tron (TRX), Solana (SOL), and XRP are catching the eyes of traders and investors. While some coins are struggling, others are showing signs of hope.
Solana (SOL) price, a layer-1 blockchain network token, is currently locked in a consolidation pattern, reflecting the broader market's sluggish momentum. Despite minimal movement, subtle signs hint at a potential upward trend for the coin.
