SOL
broke
above
its
March-April
cycle
highs
touching
$212
for
the
first
time
since
the
2021
crypto
bull
market
peak.
The
token
has
gained
34%
over
the
week,
leading
BTC’s
18%
move
and
the
broad-market
CoinDesk
20
Index’s
27%
advances.
SOL’s
all-time
record
was
$260,
or
just
a
bit
more
than
20%
above
the
current
price
of
$214.
-
02:38
‘High
Likelihood’
Cardano
Founder
Charles
Hoskinson
Will
Become
Trump’s
Crypto
Advisor -
01:42
Bitcoin
Hits
New
$76K
Record
High,
ETFs
Post
$620M
Inflows -
02:41
Bitcoin’s
New
All-Time
High;
U.S.
BTC
Reserve
Hopes
Fly -
16:22
Bitcoin
to
Reach
$100K
by
December
or
January:
10x
Research
Founder
This
week’s
gains
catapulted
SOL
to
more
than
a
$100
billion
market
capitalization,
joining
only
three
other
cryptocurrencies
with
much
longer
history
above
that
threshold:
bitcoin,
of
course,
leading
layer-1
smart
contract
platform
Ethereum’s
ether
(ETH)
and
dominant
stablecoin
tether
(USDT).
The
“flippening”
chatter
has
returned
to
crypto
twitter,
though
this
time
around
it’s
the
idea
that
SOL’s
market
cap
might
at
some
point
top
that
of
ETH,
which
currently
sits
at
about
$389
billion.
Solana
achieved
a
remarkable
comeback
after
the
collapse
of
Sam
Bankman-Fried’s
FTX
and
Alameda
Research
in
2022,
which
was
a
key
backer
of
the
budding
smart
contract
platform.
The
chain
emerged
as
the
go-to
ecosystem
for
retail
crypto
users
and
a
hotbed
of
this
cycle’s
memecoin
craze,
hosting
for
example
the
popular
pump.fun
protocol.
Resurging
decentralized
finance
(DeFi)
activity
also
benefitted
the
network,
making
Solana’s
on-chain
trading
ecosystem
the
third-most-profitable
sector
in
crypto,
a
recent
Coinbase
report
noted.
The
solana
token
was
a
standout
among
altcoins
over
the
past
year’s
mostly
bitcoin-dominated
bull
market,
appreciating
275%
year-over-year.
Solana’s
milestone
has
broader
implications
for
the
crypto
market,
noted
Julien
Bittel,
head
of
macro
research
at
Global
Macro
Investor.
SOL
broke
out
from
an
eighth-month
sideways
consolidation
channel,
suggesting
that
the
broader
crypto
bull
market
may
have
entered
the
most
explosive
phase,
often
referred
as
the
“banana
zone”
for
its
near-vertical
rally.
“We
officially
just
started
the
next
phase
of
the
bull
market,”
well-followed
cross-asset
trader
Bob
Loukas
said
in
a
Sunday
X
post.
In
an
earlier
post,
he
forecasted
that
SOL
could
achieve
its
previous
all-time
high
price
in
the
coming
weeks
given
its
strength
relative
to
the
rest
of
the
market.
“SOL
to
ATH
within
14
days
wouldn’t
be
a
surprise
now,”
he
said
on
Tuesday.
“This
one
could
get
silly
in
2025.”
