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Cryptocurrency

Solana Overtakes Cardano as it Attains New All-time High

Solana Overtakes Cardano as it Attains New All-time High

  • Solana’s price has reached a new all-time high on Wednesday after rallying by more than 11% in the past 24 hours
  • The cryptocurrency has overtaken rival Cardano in the process to become the fifth-largest cryptocurrency by market cap
  • The coin is now only behind, Bitcoin, Ethreum, Binance cion, and TetherUs, based on market cap

Solana reached a new all-time high above $230 on Wednesday morning, overtaking rival Cardano in the process.

Cardano which was the 3rd largest coin based on market cap a few weeks ago has now fallen to 6th place after being surpassed by Binance Coin (BNB), Tether (USDT), and Solana.

SOL’s value has skyrocketed by more than 11% in the past 24 hours, making it the best performer among the top 10 coins today.

The cryptocurrency now has a market cap of 68 billion, as it edges closer to 4th placed stable coin Tether(USDT).

Technical analysis shows that if SOL can maintain its momentum, it can rally higher and move towards the $250 resistance.

Read also: Squid Game Token Crashes as Developers Rug Pull

Created in 2018, Solana is a cryptocurrency that runs on decentralized blockchain technology.

Publishing the whitepaper in 2018, founder Anatoly Yakovenco proposed that technology will offer a more effective way of processing transactions.

Solana

Solana’s growth has been astronomical since its launch in 2020, from a starting price of $0.77, it has rallied above $230.

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