Solana’s (SOL) autumn rally continued on Nov. 3 with its worth and market cap hitting a brand new document excessive.
SOL surged by 7% up to now 24 hours to $236, pushing its market capitalization to over $70 billion for the primary time in historical past. Because the token wobbled close to its document excessive ranges, it flipped Cardano (ADA) briefly to change into the world’s fifth-most precious crypto asset.
At the moment, SOL’s market cap was round $69.37 billion, simply $500 shy of ADA’s $69.87 billion market valuation.
Prime ten cryptocurrencies by market cap (as of 1230 UTC, Nov. 3). Supply: Messari
Solana rallies on NFT craze
Solana’s battle for the top-five cryptocurrency spot got here on the heels of SOL’s renewed upside energy heading into the fourth and the ultimate quarter of 2021. As an illustration, the Solana blockchain’s native token grew by over 65% since Oct. 1. Then again, ADA’s returns in the identical interval got here out to be simply 2.13%.
ADA underperformed totally on “sell-the-news” sentiment. As Cointelegraph coated, the Cardano token began plunging proper after it rolled out its much-awaited sensible contracts performance by way of a so-called Alonzo improve on Sept. 13.
ADA/USDT three-day worth chart. Supply: TradingView
Within the days main as much as the arduous fork, ADA’s finest year-to-date returns had been round 1,630%. At press time, they got here out to be round 1,050%. As compared, SOL’s YTD returns on the time of this writing had been over 12,700%.
Unbiased market analyst Pentoshi credited the rising variety of nonfungible token (NFT) tasks on Solana as one of many primary causes behind its worth growth, recalling a tweet from Aug. 16 that precisely predicted a bull run for the token.
$Sol has handed $Ada and brought the #3 spot
Stability has been restored on the planet
The Infinite #solana summer time https://t.co/DD18hgroEJ
— Pentoshi Gained’t Dm You. hates Dm’s. DM’s are scams (@Pentosh1) November 2, 2021
Associated: Solana secondary NFT gross sales attain half a billion {dollars} in three months
Messari’s researcher Mayson Nystrom additionally famous a “formidable progress” of nonfungible tokens (NFTs) within the Solana ecosystem, noting that the blockchain processed $500 million price of complete NFT secondary gross sales volumes since April 2021. Excerpts:
“Whether or not or not Solana can manifest this preliminary vitality into long-term NFT progress is but to be decided, however present indicators current legitimate causes to be optimistic about Solana’s burgeoning NFT ecosystem.”
Solana versus Ethereum NFT statistics. Messari
SOL to hit $275 subsequent?
SOL’s newest run-up to its document excessive additionally got here as a breakout out of its Bullish Pennant construction, as proven within the chart beneath.
SOL/USDT each day worth chart that includes Bullish Pennant setup. Supply: TradingView
Bullish Pennants seem as the worth consolidates inside a triangle-like construction after logging a powerful transfer larger, dubbed because the Flagpole. Merchants sometimes look forward to the worth to interrupt above the Triangle’s higher trendline earlier than inserting their revenue goal at a size equal to the Flagpole’s top.
Solana’s Flagpole top is tough, $175. Consequently, its breakout transfer from the Triangle’s resistance trendline (~$158) prompts SOL to develop by one other $175, thereby setting its revenue goal above $275.
The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, it’s best to conduct your personal analysis when making a choice.
