In a recent development, the market cap of Solana has soared to new heights, now boasting a value that surpasses the combined valuation of major companies like MicroStrategy (MSTR), Robinhood (HOOD), and Dropbox (DBX).
According to recent data, SOL is currently trading at $87.44, marking a 10.59% increase in the last 24 hours. This surge has propelled Solana to claim its position as the fifth-largest cryptocurrency by market capitalization, displacing XRP.
Solana Market Cap Outpaces Tech Giants
Solana’s triumphant surge has pushed it above the market capitalizations of MicroStrategy, Robinhood, and Dropbox, three well-known companies in the traditional financial and tech sectors. Despite MicroStrategy’s notable Bitcoin holdings and Robinhood’s prominence in the online brokerage industry, Solana has now surpassed their market capitalization.
As of the latest data, Solana’s market cap stands at an impressive $36,953,575,216. This remarkable feat showcases the increasing importance of decentralized technologies. Comparatively, Solana’s valuation now exceeds the $7.84 billion of MicroStrategy, the $10.91 billion of Robinhood, and the $10.30 billion of Dropbox all of which sums up to $29.1 billion.
The surge in SOL’s valuation can be attributed to a renewed rally in its quotations, with a remarkable 21% increase in just the past week, adding to its already impressive 250% growth since mid-October.
Additionally, Solana’s spectacular growth can be traced back to the success of its pioneering memecoin BONK. BONK’s price has increased by 80% in the last several weeks bringing the memecoin’s price to $0.00001852. BONK’s recent listings on prominent exchanges such as Binance and Coinbase have rocketed it into widespread recognition, considerably contributing to Solana’s market cap rise.
SOL’s Growing Ecosystem and Market Activity
An earlier Coingape report reveals a notable increase in activity on the SOL network. The number of active Solana addresses has surged from a low of 83.93K in mid-October to an impressive 351.5K, reaching a peak not seen since June 2022. This surge indicates a substantial boost in interest and participation in the Solana ecosystem.
From a technical standpoint, Solana’s recovery trend is accentuated by an upswing in crucial daily Exponential Moving Averages (EMAs)-the 20, 50, 100, and 200. Additionally, the Relative Strength Index (RSI) above 60% projects a positive sentiment among traders.
As Solana continues to disrupt the crypto market industry, observers are eagerly watching its trajectory in the coming days. With sustainability above key levels, the potential for a rally to $95 and $120 in the mid-term is becoming increasingly likely.
