Solana Records New ATH After 3 Years: Is SOL Ready To Flip USDT?
Solana (SOL) reached a new all-time high (ATH) of $262, recovering from a low of $8 during the FTX collapse. Currently, SOL is the fourth-largest cryptocurrency with a market cap exceeding $123 billion, just $8 billion short of Tether's (USDT) $130 billion market cap. A 10% price increase could position SOL as the third-largest cryptocurrency, following Bitcoin (BTC) and Ethereum (ETH). The token surged 75% from $148 to $259 in three weeks, influenced by factors such as a memecoin frenzy, increased network activity, and potential for a Solana-based exchange-traded fund (ETF). Solana-based memecoins' market cap surpassed $10 billion in October, contributing to a 42% rise in active addresses. Solana's decentralized finance (DeFi) ecosystem ranks second globally, with a total value locked (TVL) of $9.265 billion.
