Can SOL topple ETH after surpassing XRP and BNB?

Solana, a blockchain platform once dubbed the “Ethereum killer”, is creating significant buzz in the cryptocurrency market. After a year and a half, the SOL price increased over 100 USD, reaching 126 USD as a Christmas surprise before stabilizing at 115, 6 USD after a slight decrease.

Furthermore, in just seven days, SOL has seen a notable increase of 53%, the most significant jump since December 2021. Despite the temporary decline, the SOL/ETH price chart demonstrates saw an unprecedented increase, touching 0.051, indicating an upward trajectory that has been difficult to witness in recent times.

This resurgence has pushed Solana into the top four crypto markets by capitalization, sparking discussions among analysts about its potential to outperform Ethereum’s market performance.

The recent surge around Solana is due to the excitement stirred up by coin memes and airdrops, coinciding with the launch of the Saga phone. Additionally, December marked a major milestone as the Solana network saw a record increase of 6.8 million unique addresses, surpassing the previous peak set in May 2023 of 6.6 million Address.

Solana recently marked a significant achievement by surpassing Ethereum in a key trading metric: perpetual futures trading volume.

Solana leads in both perpetual and spot futures trading volume, along with its skyrocketing market capitalization, making it a formidable competitor in the crypto space, even challenging for dominance. Ethereum’s value in the field of Decentralized Exchange (DEX) and decentralized finance (DeFi).

What is SOL’s next goal?

Analysis of SOL price movements shows a mostly bullish outlook. The 9-day exponential moving average (EMA) is currently below the trading price at $101, indicating a bullish bias. However, caution emerges as the daily relative strength index (RSI) is at 77, signaling overbought conditions.

Looking ahead, the trajectory for SOL’s next target remains speculative but optimistic. If the price surpasses $117, it could test the $138 support. Conversely, a drop below $109 could trigger a decline towards the $102 support.

Notably, the crypto community eagerly awaits events to unfold as Solana’s resurgence and its impressive market performance continue to attract attention, fueling speculations and predictions.

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