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Solana Outperforms Ripple to Become the Sixth Largest Cryptocurrency by Market Cap

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Solana Outperforms Ripple to Become the Sixth Largest Cryptocurrency by Market Cap

The ultra-high-speed Solana (SOL) blockchain is rebounding strongly, outperforming Ripple’s XRP and becoming the sixth-largest cryptocurrency by market cap. Despite the downturn in the broader cryptocurrency space, the bull market continues. At the time of writing, the trading price of SOL/USDT is approximately $209.11.

The recent surge in interest and volatility from potential Ethereum killers was due first to investor sentiment towards cryptocurrencies a few weeks ago, and then to the increasing popularity of its ecosystem in attracting more DeFi and NFT projects. With the continuous development of the DeFi and NFT fields, more and more projects hope to build on the Solana network, which is more efficient due to the fast transaction speed and low costs.

The Acceptance Rate of the Solana Blockchain is Increasing

Several promising fundamental developments currently support optimism about the SOL token. First, Delta Exchange, a crypto derivatives platform, recently made it possible for its users to get started in futures trading on Solana. Traders can use their platform to trade SOL with daily expiration dates, and soon the exchange will be adding options for weekly and monthly expiration times.

In addition, the Lido Finance liquidity mortgage agreement recently added Solana to its product range, allowing its users to pledge SOL as part of their agreement to generate premiums with mortgages. The platform is very popular with ETH users and offers them a reliable way to use their holdings to provide liquidity and generate rewards.

Popular cryptocurrency analyst and trader Lark Davis are also very upbeat about Solana, watching how its popularity has increased with developers and NFTs recently. So far, Solana’s blockchain has backed nearly $8 billion to TVL, a significant increase from roughly $1.3 billion in early August.

Important Levels to Focus on

On the SOL/USDT H4 price chart, the moving average and MACD showed a strong bullish bias among investors. However, momentum and stochastic indicators suggest that there are some sellers in the market as well.

SOL/USDT 4H Chart. Source: TradingView

Solana’s price broke the $128.73 pivot point and topped the $163.87 and $185.75 resistance. Further buying pressure can cause the price to cross the current ATH and climb higher until investors encounter resistance at $242.77.

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