Most market assets were overshadowed by Tron’s recent ascent. Solana (SOL) has been having a great year following its 600% growth. But the asset took a backseat this month following an 18% drop. At press time, SOL was trading at $143.59, with no major fluctuations throughout the past 24 hours.
The asset was battling with Binance Coin (BNB) for the fourth spot on the cryptocurrency ladder. Currently, SOL’s market cap is $66.94 billion, making it the fifth largest cryptocurrency. BNB’s market value is $84 billion.
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Positive Developments in the Solana Network
Many were surprised by Solana’s price rut, considering the positive developments in the network. The Brazilian government has been embracing assets like Solana by approving spot exchange-traded funds (ETFs).
While the United States is lagging behind, Brazil was seen rolling out multiple Solana-based ETFs. While the asset has not witnessed a major rise post this news, the community is hoping for a bullish end to this challenging month.
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How Will Solana End The Month of August 2024?
It seems like Solana will have a slow end to the turbulent month of August. According to data from Changelly, SOL will trade around the same level in the coming week. The altcoin will trade at $142.81, a slight fall from its current price zone.
Meme Coin Popcat’s Market Impact
While SOL seems to be on the sidelines, a meme coin called Popcat has made quite some noise in the market.
Potential Rise in Solana Market
With the focus on this meme cryptocurrency, the community is waiting to witness a potential rise in the Solana market.
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The U.S. government’s ETF efforts around SOL could boost the altcoin price.