Ethereum

Solana

Billion

Coin

The Solana (SOL) bulls are regaining control as trading volumes start picking up again at the start of 2024.
As per data presented by <a href="https://finance.yahoo.com/quote/SOL-USD/history?p=SOL-USD" rel="noopener noreferrer nofollow">Yahoo Finance</a>, $2.2 billion in spot SOL/USD trading volumes changed hands on Monday, up sharply from the low volumes of around $1.7 and $1.8 billion seen over the past two days, as SOL’s price pushes back towards $110.
SOL was last around $108, up around 4% in the past 24 hours as per <a href="https://coinmarketcap.com/" rel="noopener noreferrer nofollow">CoinMarketCap</a>, and eyeing a run back towards December’s multi-quarter highs at $125.
Solana was a star performer in December, gaining over 70% amid a <a href="https://cryptonews.com/news/as-strange-solana-memecoin-blasts-up-20000-billionaire-justin-sun-is-stacking-this-other-coin.htm" rel="noopener noreferrer nofollow">surge in meme coin trading</a> and <a href="https://cryptonews.com/news/jito-launches-airdrop-of-225-million-in-tokens-to-solana-community.htm" rel="noopener noreferrer nofollow">airdrop hunting</a> on the blockchain, which helped pump bullish narratives around the blockchain’s ability to rival Ethereum thanks to its innovative technology, super fast transactions and low fees.
Solana traders, just like broader cryptocurrency market participants, will be monitoring themes this like such as the potential approval in the <a href="https://cryptonews.com/news/vaneck-adviser-says-spot-bitcoin-etf-impact-is-overestimated-despite-long-term-gains.htm" rel="noopener noreferrer nofollow">US of spot Bitcoin ETFs</a>, upcoming US macro data (namely the December jobs report out on Friday), and will be keeping an eye on <a href="https://cryptonews.com/news/solana-price-prediction-as-on-chain-data-suggests-alameda-wallets-are-dumping-tokens-can-solana-fall-to-3.htm" rel="noopener noreferrer nofollow">Solana on-chain metrics</a> to see whether the latest growth in activity is showing any signs of slowing.
<h2 id="solana-price-prediction-can-sol-overtake-binance-coin-bnb">Solana Price Prediction – Can SOL Overtake Binance Coin (BNB)?</h2>
 Solana currently has a market cap of just under $47 billion, versus <a href="https://cryptonews.com/coins/binance-coin/" rel="noopener noreferrer nofollow">Binance Coin (BNB)’s</a> market cap of around $47.5 billion.
That’s a very meagre gap to close, and one that Solana, prior to last week’s pullback from multi-quarter highs, has already closed in recent memory.
Indeed, Solana briefly became the fourth largest cryptocurrency in the world last week, behind only <a href="https://cryptonews.com/news/bitcoin-news/" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC), <a href="https://cryptonews.com/news/ethereum-news/" rel="noopener noreferrer nofollow">Ether</a> (ETH) and <a href="https://cryptonews.com/coins/tether/" rel="noopener noreferrer nofollow">Tether</a> USD (USDT) as its price peaked around $125.
Arguably, Solana stands a very good chance of overtaking BNB once again, given the former strong bullish momentum, and given the latter’s very weak momentum.
BNB was a laggard in 2023, gaining less than 30% over the course of the year versus Bitcoin’s gain of over 160%, Ether’s gain of around 100% and Solana’s stunning gain of around 1,000%.
The aforementioned bullish narratives surrounding Solana’s use case and potential to rival the likes of Ethereum and Bitcoin are likely to continue contributing to growing interest in the blockchain, at a time when BNB is struggling to benefit from any bullish narratives of its own.
Many crypto enthusiasts have long been skeptical of the BNB’s reliance on crypto exchange Binance (who developed and launched it and has been marred by legal issues in 2023), while some have derided its lack of innovation.
Perhaps BNB is overdue a catch-up to the rest of the market, but the momentum is with Solana, which remains odds-on to steal the number four spot in the crypto rankings.
Solana price predictions are likely to remain bullish as traders eye a retest of April 2022 highs in the $140s.
<h2 id="sol-alternative-to-consider-meme-kombat-mk">SOL Alternative to Consider – Meme Kombat ($MK)</h2>
 While Solana (SOL) could offer good upside prospects for the months ahead, traders should always look to diversify their crypto holdings.
For those with a strong risk tolerance, investing in promising up-and-coming web3 project by buying into their token presales is one good way to generate potential quick exponential gains.
Cryptonews.com spends a lot of time analyzing which presales have potential, and one such project that they are big fans of is an exciting new project called&nbsp;<a href="https://cryptonews.com/ext/memekombat/en" rel="noopener noreferrer nofollow">Meme Kombat</a>.
Meme Kombat blends together the world of crypto gaming and gambling with its exciting platform where users are able to bet on the outcomes of exciting battles between characters based on some of the crypto world’s most popular meme coins.
Early $MK investors can also benefit from generous staking rewards, which are currently more than 100% annually.
The project has already raised close to $5.25 million, despite launching just weeks ago.
<a href="https://cryptonews.com/ext/memekombat/en" rel="noopener noreferrer nofollow">Visit Meme Kombat Here</a>
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Solana Price Prediction as $2.2 Billion Trading Volume Comes In – Can SOL Overtake Binance Coin?

Table of Contents

Cryptonews.com

Other articles published on Jan 1, 2024

New Year, New PEPE?: Can PEPE Coin Price 10x in 2024?

CryptoGames Enhanced VIP Program and Highly Rewarding Wagering Contest – Win Up to $350,000

"Best Monero Ad Imaginable" Shared by Prominent Developer

The DOJ “Led the Way” in Defining Boundaries for the Crypto Industry in 2023: Former US Prosecutor

Monthly Report on "IN" Game Play for December 2023

Harvard Scholars Choose the Word of 2023 – A Multidisciplinary Analysis

Join our free newsletter for daily crypto updates!