Today on the 22nd of December, Solana (SOL) surpassed Binance Coin (BNB) as the fourth-largest cryptocurrency in terms of market cap. It reached $41 billion market cap which is outstanding. Solana has risen 54.5% in a month. SOL rose 11% today, exceeding $80 for the first time since the Bitcoin price spike in May 2021. However, BNB has once again claimed the fourth spot pushing SOL to the fifth spot. Currently, SOL is trading at $94 per coin.

Solana (SOL) Eyes Competing with ETH as Market Cap Hits $40 Billion

After approaching $80 on Wednesday, Solana kept going. The price rose to $98 today morning as it cautiously tested higher levels. SOL is now the fifth-largest alternative coin. Solana, called the “Ethereum Killer” upon its 2020 launch, still has a long way to go to compete with Ethereum (ETH), which has a $269 billion market cap, seven times that of Solana’s $36 billion.

Solana beat XRP, a popular Ripple alternative cryptocurrency. XRP trades around $1 billion every day, making it a recognized cryptocurrency. XRP’s market cap is $33.27 billion, up $500 million daily. SOL eclipsed XRP with a market value of $36.96 billion, a $5 billion rise in a short time. Its success makes SOL one of the four major cryptocurrencies.

Solana’s recent rise in value is due to the US popularity of its SAGA Web3 phones. Although technology experts and users have mixed opinions, these phones deliver a 30 million BONK airdrop. This has greatly increased their eBay value. Such examples show Solana’s potential to integrate Web3 and blockchain technologies to bridge the internet and banking. Due to BONK’s popularity, Solana has acquired recognition in the cryptocurrency world.

SOL Witnesses Highest Daily Liquidations Since October, Totaling $20M in 48 Hours

In the previous 24 hours, Solana’s upward trajectory has led to short liquidations, terminating $12.64 million in short contracts. The highest number of assets sold in a day since October suggests a more bullish outlook for the year. Adding Wednesday’s $7.6 million, SOL liquidation over 48 hours totals $20 million. It appears that those expecting price drops are currently suffering financial difficulties.

Solana became the fifth-largest cryptocurrency worldwide this week, surpassing Ripple. SOL now trades for $96, a 14% increase in a day, after this achievement. The cryptocurrency is reaching $100, its psychological support level, as of May 2022. SOL could make more money if it exceeds this level, possibly reaching $113.