Solana Could Break into the Top Three Blockchain Spot?

Solana is climbing quickly, and some think it will surpass even the higher ranked cryptocurrency coins.

Written by: Timothy St. John • Tuesday, June 25, 2024 • 2 min read

• Last updated: Tuesday, June 25, 2024

Crypto token Solana (SOL), currently ranked #5 on the crypto charts, could rank in the top three in the near future, say predictions.

That coin currently has a market cap of $63 billion, with #4 ranked BNB boasting of $84 billion in market cap. Solana still has a long way to go to catch up, but it is moving quickly.

Solana is beating out a lot of its competition right now with a 9.21% increase over the previous day. That is remarkable considering the cryptocurrency industry has been down the last few days, led by a beleaguered Bitcoin that dropped to its lowest point in well over a month.

Solana has had an incredible year, which is part of why there are industry predictions placing it in a higher ranking. If SOL does hit #3, it would have to surpass not just BNB but also Tether, which it is unlikely to do. Tether has a $112 billion market cap right now.

Still, it is far easier to assume that SOL can beat USDT than the higher ranking Ethereum, with a market cap of $406 billion. Solana could conceivably move up a few spots in the next year, but it is inconceivable to think that it would move above Ethereum.

Solana’s Strengths

Solana has managed to outperform some of its higher ranking competitors in key areas. SOL has proven to be very strong in the area of NFTs, selling more of them than Ethereum in recent months. Even though the NFT market looks to be diminishing, Solana still has a very thriving community of NFT buyers and sellers. The coin also does great on decentralized exchanges (DEX), beating out many of its top ranking competitors in that area as well.

The coin had a weakness in network stability last year, but those issues have been ironed out, and Solana has had a very stable 2024 so far. That has helped the coin pick up speed and gain greater consumer confidence.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.