Solana Hits New ATH After 3 Years: Is SOL Poised to Overtake USDT?

[cryptoconnect]

 

Solana (SOL) price reached a new all-time high (ATH) of $262 on November 22, 2024, a remarkable milestone after a turbulent period in the crypto market. The token had once suffered a significant drop to as low as $8 during the collapse of the FTX exchange in 2022, a moment that marked the peak of the crypto bear market. 

The token’s rise from its all-time low (ATL) to its new ATH showcases the strength of Solana's ecosystem and a broader recovery in the cryptocurrency market.

 

Solana (SOL) price today is currently trading at $258.27, with a 24-hour trading volume of $6.62 billion. The total circulating supply is approximately 474.66 million SOL. Solana coin reached an all-time high of $262.96 on November 23, 2024, and a low of $0.50 on May 12, 2020. Despite a minor setback of -1.78% from its ATH, Solana's value has risen by 51,471.46% from its ATL, indicating continued upward momentum.

The short-term 5-day and 20-day moving averages show a bullish crossover, suggesting positive momentum. The medium-term 20-day and 50-day moving averages also have a bullish crossover, indicating potential strength. 

 

The long-term 50-day and 200-day moving averages have a bullish crossover, which signals a more extended bullish trend. The RSI stands at 77.24, indicating neutral conditions, while the MACD at 22.95 shows some upward pressure. The Stochastic K at 98.04 suggests caution, and the MFI at 50.25 indicates healthy market participation.

Solana's Historic Recovery Paves the Way for Potential USDT Flippening

Solana (SOL), often called the “Ethereum killer,” is back in the spotlight. After dominating the 2020-21 crypto bull market, the digital asset saw its value plummet following the FTX collapse, led by Sam Bankman-Fried. However, SOL has remarkably recovered over the past two years, regaining investor confidence and pushing its value to new heights.

At the time of writing, SOL is the fourth-largest cryptocurrency, with a reported market cap of over $123 billion. The layer-1 blockchain’s market cap is just $8 billion shy of overtaking stablecoin Tether’s (USDT) market cap of $130 billion.

Notably, Solana (SOL) is only 10% away from surpassing the market cap of USDT, positioning it as the third-largest cryptocurrency, following Bitcoin (BTC) and Ethereum (ETH). With its recent surge, SOL coin has risen by 75% over the past three weeks, from $148 on November 4 to $259. This price trajectory has sparked excitement, and the token could likely flip USDT before the end of the year.

While the broader crypto market has gained momentum, partly fueled by pro-crypto Republican US presidential candidate Donald Trump’s victory, it would be oversimplifying to attribute Solana’s remarkable rise solely to political factors. SOL’s resurgence is driven by a combination of factors, including growing investor confidence and ongoing developments within its ecosystem.

 

[cryptomaga]

I have the feeling that $Sol could hit $500 next year