This year has proven to be important for the growth of a host of different cryptocurrencies. Amid the surges that have taken place within the last several months, one asset stands out. Specifically, Solana (SOL) could be positioned to reach a $100 billion market cap in 2024.
Indeed, the asset is currently the fifth highest cryptocurrency by market cap, according to CoinMarketCap. With a total value of almost $69 billion, there are a host of factors that could lead to its ascension of another 40% to reach its coveted $100 billion mark. However, the biggest question is: could it happen this year?
Also Read: Robinhood Launches Solana (SOL) Staking in Europe
Solana Targets a $100 Billion Market Cap in 2024.
As we’ve previously stated, Solana is currently the fifth most valuable digital asset on the market. Moreover, its potion is only surpassed by Bitcoin (BTC), Ethereum (ETH), Stablecoin Tether (USDT), and BNB. Yet, the token could be on its way to breaking into the top 3 cryptocurrencies by some point this year.
Specifically, Solana (SOL) may be positioning itself for a surge to a $100 billion market cap in 2024. The asset’s trajectory has been fortified by significant investors’ confidence. The asset inflows have noted a significant reversal that could set a growth trend over the next month for the token.
Earlier today, Robinhood Crypto announced Solana staking for its European customers. The news has appeared to continue the asset price rally. Over the last 24 hours, it has surged more than 7%. Currently, it is trading above the $153 level and has been in the green over the last month.
Also Read: Solana Price: How Will May Fare For SOL?
Additionally, the Solana network has been at the center of some of the year’s biggest digital asset developments. Specifically, it was home to many of the surging assets that were part of March’s meme coin craze. Dogwifhat (WIF) and Book of Meme (BOME) were all Solana-based assets.
That certainly did well to propel the blockchain, as well as its native token. Moreover, despite outage concerns, it officially passed Ethereum in maximum extractable value (MEV) for the first time on May 12th. The network lived up to its ‘Ethereum killer’ nickname by outperforming its competitor in decentralized exchange volumes at various points this year.
The asset is up more than 615% from this time a year ago, solidifying its upward trajectory. The question is, can it increase the necessary 40% to surpass a $100 billion market cap? The answer is most certainly yes, and if investor confidence and ecosystem health continue, it could reach the feat this year.