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The native token of the Solana blockchain reclaimed the fourth spot in the crypto world market cap ranking on Tuesday. This achievement came after displacing the BNB coin from the Binance blockchain network. The enthusiasm for the bitcoin momentum led to a surge in demand for the asset.
Notably, the digital currency reached the $50 billion mark in market value on Tuesday daytime. According to the data from the CoinMarketCap portal, it trailed behind the BNB with $49.8 billion in assets. Thus, SOL occupied the fourth place again for the first time since December 25 last year.
It is worth mentioning that the currency was one of the biggest risers in price. It suffered a severe sell-off pressure during the crypto market period. In early 2023, its price was only $13 per unit. Since then, the recovery momentum was strong, making it one of the biggest recoveries in the entire crypto market.
In fact, in the crypto ranking, it was only surpassed by BTC and ETH, excluding the USDT stablecoin. For one of the most solid projects in the entire industry, this became a great feat.
Avalanche Price Analysis: Is AVAX Ready to Touch $50? Now that the native token of Solana has regained the fourth spot in the overall market cap ranking, there are some things to consider. First of all, one should not overlook that the currency is backed by one of the most powerful projects in terms of technology. The Solana network stands out for its capacity and strength in hosting decentralized finance features.
In the field of decentralized exchanges, NFT trading platforms, and other applications, it has a clear advantage, even surpassing Ethereum.
Likewise, this high demand led to a strong rise in the price of the token. In this sense, in the last 24 hours, the currency had a positive return of 1.5%. Meanwhile, in a week, the green numbers reflected 21.7%. As of writing this article, the Solana token price was $115 per unit.
From this data, the SOL digital currency can be said to be one of the strongest digital currencies in the crypto world. Moreover, it is considered one of the safest investments in a diversified portfolio. In the long term, its upward potential is one of the most enviable potentials in the digital asset environment.
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