Solana Prices Surge as SOL Becomes the No. 6 Crypto, Overtakes XRP
InvestorPlace - Stock Market News, Stock Advice & Trading Tips The crypto boom may be fading for some big names, but for Solana it may be just picking up. SOL...
Despite reaching its all-time high price yesterday following the historic launch of the ProShares Bitcoin Strategy ETF (NYSE:BITO), Bitcoin (CCC:BTC-USD) has fallen today. Ethereum (CCC:ETH-USD) is still in the green, but both Binance Coin (CCC:BNB-USD) and Cardano (CCC:ADA-USD) are down for the both the day and the week. While some of the biggest names in crypto struggle, one coin has moved up on the list, though. As of today, Solana (CCC:SOL-USD) is ranked No. 6 on the list of largest cryptos by market capitalization, passing XRP (CCC:XRP-USD) as SOL prices shoot up.
What’s Going On With SOL Prices?
SOL prices have been rising steadily all morning. As of this writing, they are up 6% for the day and almost 22% for the week. XRP meanwhile, is down 2.85% for the day and 2.20% for the week. Solana has even outpaced Bitcoin. The past five days have seen Solana outpace many of its peers by as much as 13%.
What does the future look like for this emerging crypto sensation? SOL price predictions have been overwhelmingly positive. Most experts agree that Solana is headed for more gains in the year to come — and likely beyond that. Declines earlier this season created a classic buy-the-dip opportunity for Solana investors.
What It Means
As Bitcoin’s record-breaking rally begins to fade, it’s clear that it served a purpose that extends far beyond the crypto itself. The gains we’ve seen since BITO’s launch have helped breath new life into the altcoin market, allowing coins and tokens without Bitcoin’s power or status to start to grow.
What’s not clear is just how far the rally can take altcoins and for how long it will continue. As more exchange-traded funds (ETFs) similar to BITO prepare to launch, though, it’s likely we’ll see crypto markets transformed even further.
Why It Matters
Expert predictions also indicate that we’ll see Litecoin (CCC:LTC-USD) rise throughout the coming year along with SOL prices. The rise of Bitcoin ETFs has presented investors with a new way to gain exposure to the coin without the typical risk. Regardless of the fate of Bitcoin, alternative cryptos are proving that they can stand on their own, just as a new type of investors takes interest.
Solana’s progress throughout the year is noteworthy, as is its rebound from the September declines it saw. Crypto bulls should be paying attention.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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