Despite Broad Crypto Downturn, Solana Hits $200 Range and Overtakes BNB

The cryptocurrency market has generally seen a slight decline recently, but amidst this trend, Solana stands out with a notable 12.2% increase in the last day and a remarkable 43% surge against the U.S. dollar over the past week. Presently, Solana has exceeded $200 per coin and is nearing BNB's market capitalization.

Solana Defies Market Trend With Impressive Gains

The digital currency native to the Solana layer one (L1) blockchain network, Solana (SOL), has experienced considerable value appreciation recently. Over the past month, SOL has surged by 85%, and when considering the previous year, its value has skyrocketed by more than 850%.
On Sunday, March 17, 2024, at 7:45 p.m. Eastern Time, the SOL/USD pair on Binance indicates that Solana (SOL) hasn't traded in the $200 price range since December 2021, following its peak price in November of the same year.

At 7:45 p.m. Eastern Time on Sunday evening, Solana (SOL) is valued at $202 per coin, with a market capitalization of $90 billion, making it the fourth-largest cryptocurrency in the market. Notably, SOL has surpassed BNB's market capitalization of $86 billion, reclaiming its position among the top ten cryptocurrency leaders. While SOL has experienced a 12% increase, BNB, currently priced at $569 per coin, has declined by 1.97% against the U.S. dollar.

As of March 17, 2024, Solana (SOL) holds the fifth position for the highest trading volume among all cryptocurrencies, with a total trade volume of $11.9 billion over the past day. If stablecoins are excluded, SOL would rank third in terms of trading volume. Tether (USDT) emerges as the most dominant trading pair with SOL, followed by the U.S. dollar, FDUSD, the Korean won, and bitcoin (BTC).

The Korean won (KRW) represents a notable portion, specifically 6.62%, of Solana's trading volume over the last 24 hours. Despite Solana's global trading price averaging at $202, it's interesting to observe that in South Korea, the exchange rate for SOL is at a premium, reaching $223 per unit. This discrepancy highlights the distinct trading dynamics within different markets. Notably, Solana trades contribute significantly to Upbit's volume, accounting for 9%, while on Bithumb, SOL comprises 5.12% of trading activity.

It's worth mentioning that Solana has not yet approached its all-time high (ATH) in terms of U.S. dollar value, which was recorded at $259 per coin. Achieving this would necessitate at least a 21% increase from its current value. This ATH was attained over two years ago, specifically on Nov. 6, 2021, coinciding with the period when SOL was trading at its current value. This historical context underscores the journey Solana has undergone in the cryptocurrency market and the potential for it to reach new milestones.

Conclusion

Solana's market performance over the last day and week has been impressive. In the past 24 hours, it seems to have shown significant gains, and over the week, it has continued to demonstrate resilience and growth. Solana's ability to maintain such positive momentum suggests strong investor confidence and interest in its underlying technology and ecosystem. It's worth keeping an eye on how it continues to perform in the ever-evolving cryptocurrency market.