Solana (SOL) Surges to $100, Overtaking Binance Coin to Secure Fourth Position in Rankings

Solana (SOL) Price Approaches $100 with Notable Investor Movements

The price of Solana (SOL) is on a remarkable ascent, attracting attention from notable investors, including Arthur Hayes, who have been adjusting their portfolios. The cryptocurrency has recently experienced a 17% surge, bringing its value close to the $100 milestone. As of now, SOL is trading at $97.76, reflecting a 17.15% increase, and its market capitalization has reached $41.7 billion.

Solana Flips BNB Coin for Fourth Position

Over the last 24 hours, Solana (SOL) has demonstrated impressive momentum with a surge of over 16%, resulting in a market value of US$41.8 billion. This surge has propelled SOL ahead of Binance Coin (BNB), which currently stands at US$41.1 billion. As a result, SOL has secured the fourth position in the cryptocurrency rankings by market capitalization.

The robust performance extends beyond market capitalization; SOL’s contract trading volume on the network has witnessed a substantial 32% increase, surpassing 10 billion. Additionally, within the same timeframe, the open interest in SOL contracts has reached 1.34 billion, positioning Solana as the second-highest in open interest, trailing only behind Bitcoin (BTC) and Ethereum (ETH).

This significant growth underscores Solana’s increasing prominence in the cryptocurrency market, indicating heightened investor interest and activity on the Solana blockchain. Data from DeFi Llama reveals that the total value locked on the Solana blockchain has surged past $1.3 billion, showcasing the platform’s growing influence in the decentralized finance space. Over the last two months alone, Solana has added more than $1 billion in Total Value Locked (TVL) as DeFi activity continues to gain traction.

Big Investors Shifting from SOL?

Solana’s unprecedented rally, witnessing a 700% price increase since the beginning of the year, has caught the attention of major players in the crypto space. Notably, Arthur Hayes, co-founder of the crypto exchange BitMEX, has publicly disclosed his actions of divesting from SOL and reallocating funds to Ethereum (ETH).

In a humorous revelation, Hayes mentioned receiving a divine message instructing him to sell SOL. Consequently, he decided to part ways with $SOL and increase his holdings in the popular cryptocurrency, Ethereum ($ETH). While this disclosure is likely made in a playful manner, it adds a whimsical touch to the evolving narratives within the cryptocurrency community.