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Solana (<a href="https://crypto.news/price/solana/">SOL</a>) has <a href="https://crypto.news/solana-flips-ripples-xrp-in-market-cap-sol-up-9/">become the fifth-largest cryptocurrency</a> following the recent market-wide rally.&nbsp; 
SOL emerged as the top gainer among the leading 100 cryptocurrencies in the past 24 hours with a 14.4% surge. The asset is trading at a 20-month-high of $86.4 at the time of writing. 
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 SOL price – Dec. 21 | Source: Trading View
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Solana’s market cap surged to $36.95 billion, flipping Ripple’s XRP to become the fifth-largest digital currency. SOL’s daily trading volume also recorded a 120% rally, surpassing the $4.2 billion mark.&nbsp; 
Since the market’s bottom in December 2022, Solana has recorded a 618% surge. Of particular note is that the SOL mark cap dropped to as low as $3.5 billion in mid-December, making it the 16th-largest crypto, then falling behind Shiba Inu’s (<a href="https://crypto.news/price/shiba-inu/">SHIB</a>) $4.4 billion market cap and XRP, which then had a total market value of roughly $17.5 billion. 
 You might also like: <a href="https://crypto.news/solana-flips-ripples-xrp-in-market-cap-sol-up-9/"> Solana flips Ripple’s XRP in market cap, SOL up 9% </a> 
One of the main drivers of the SOL price rally, analysts speculate, is the arrival of the first memecoin on the Solana network, <a href="https://crypto.news/price/bonk/">BONK</a>. Following BONK’s impressive gains, <a href="https://crypto.news/missed-bonk-here-are-other-mid-cap-tokens-on-solana/">Solana-based meme coins</a> gained traction and more tokens have been added to the layer-1 blockchain. 
Another key driver could be the massive sale of the Solana Sage smartphones. Solana Mobile officially <a href="https://crypto.news/saga-mobile-by-solana-sells-out-on-the-heels-of-bonk-token-surging-7-in-24-hour-trading/">announced</a> on Dec. 15 that Saga phone owners could claim an airdrop of 30 million BONK coins.&nbsp; 
However, popular tech YouTuber Marques Brownlee (MKBHD) <a href="https://crypto.news/solana-saga-called-by-tech-industry-critic-as-worst-smartphone-of-2023/">gave</a> the “worst smartphone of 2023” award to Solana’s first-ever web3-focused phone.&nbsp; 
According to a post by Santiment, Solana has become one of the top trending cryptocurrencies, along with Stacks (STX) and NEAR.&nbsp; 
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 🗣️ <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Solana</a> (+13%), <a href="https://twitter.com/hashtag/Stacks?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Stacks</a> (+23%), and <a href="https://twitter.com/hashtag/NEARprotocol?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#NEARprotocol</a> (+17%) are the top trending assets, according to rising social volumes. In each case, when there is mainstream talk at this level, <a href="https://twitter.com/hashtag/FOMO?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#FOMO</a> will create price tops. If holding any, take a cautious approach. <a href="https://t.co/bb3O2lFJd1" target="_blank">https://t.co/bb3O2lFJd1</a> <a href="https://t.co/oMnVvAI0ea" target="_blank">pic.twitter.com/oMnVvAI0ea</a>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1737624240558580174?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 21, 2023</a>
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The surge of the three mentioned tokens could be the “mainstream” conversations around the asset on social media platforms. Santiment claims that investors should take a “cautious approach” since the fear of missing out, or FOMO, could potentially create price tops. 
 Read more: <a href="https://crypto.news/coinmarketcap-3-altcoins-lead-with-over-20-gains/"> CoinMarketCap: 3 altcoins lead with over 20% gains </a>

SOL records a 600% annual rally, becomes 5th largest cryptocurrency

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