Solana Approaches $100 as YTD Gains Tops 700%

TL;DR

• SOL’s rally has continued its rally and is now approaching the $100 mark.

• The coin has added more than 100% to its value since the start of the year.

SOL Closing in on $100

SOL, the native coin of the Solana ecosystem, has been one of the best performers amongst the top 10 cryptocurrencies by market cap this week. The coin has added 16% to its value over the last 24 hours and is now trading at $99.03 per coin.

If the bullish momentum continues, SOL could break above the next major resistance level at $100.6 over the next few hours. The rally has seen SOL overtake Binance’s BNB token to grab the fourth spot.

SOL is now the fourth-largest cryptocurrency by market cap, just behind Tether (USDT), Ethereum and Bitcoin. Its market cap currently stands at $42 billion, a 30% growth over the last seven days.

Solana’s growth continued to be fueled by a rising DeFi and meme coin ecosystem. DeFi protocols on Solana continue to record a surge in trading volume, fueled by the meme coin mania on the Solana blockchain.

Polkadot’s DOT is also up by 13% over the last 24 hours and is now trading at $8.13 per coin. Internet Computer (ICP) is the best performer amongst the top 20 cryptocurrencies by market cap, adding 63% to its value over the last seven days.

Bitcoin, the world’s leading cryptocurrency by market cap, is trading above the $44k level once again after adding 1% to its value in the past 24 hours. With altcoins rallying, the total cryptocurrency market cap now stands at $1.67 trillion.