Solana Surpasses PayPal In Market Cap As Price Soars 6%; Analyst Predicts ‘Big Breakout’ Ahead

Solana (SOL), the fifth-largest cryptocurrency by market cap, has recently outperformed many of the top 10 coins with a notable 6% price increase over the past week. This rise places Solana behind Dogecoin (DOGE), which rose 7.8% over the same period, as the two best-performing coins among the top ten cryptocurrencies globally. Market value.

As a result, Solana surpassed payment platform PayPal in terms of market capitalization, marking an important milestone for the cryptocurrency.

Solana’s market cap is $83.56 billion

As of now, Solana’s market capitalization He stands By about 83.56 billion US dollars, reflecting a growth of 2%. In contrast, PayPal’s market capitalization is slightly lower at $83.52 billion, underscoring the growing interest and investment in SOL as it continues to attract investor attention.

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on the one hand Trading volumeSolana witnessed a noticeable increase of about 28% during the past 24 hours, reaching about $2.76 billion. This contrasts sharply with PayPal, which averaged $11.66 million in trading volume over the past three months.

Despite his recent gains, Solana has faced challenges in penetrating his most important points Resistance level Short-term at $180, where it has seen four failed attempts over the past week.

This struggle has led to a slight rebound of 1% over the past 24 hours, bringing the current trading price to $175.60 per sol.

Possible bullish breakout from the triangle pattern

Despite any short-term hurdle, cryptocurrency analyst CryptoBullet recently shared Bullish outlook For Solana price, indicating that the SOL/BTC trading pair is on the verge of a “major breakout.” According to the analyst, this potential move could represent the last leg in Solana’s current market cycle.

former Predictions CryptoBulltet noted that wave 4 of Solana’s price action on the weekly chart has ended, paving the way for a “massive” triangle pattern breakout, which could lead to all-time highs.

However, while Solana is currently trading between $175 and $179, it is still down approximately 33% from its all-time high of $259, which was achieved during 2021. Bull market In November.

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Looking at the key support levels, with the current consolidation situation seen last week, the token has been found to be strong supports At $170, preventing it from retesting lower levels, which if broken in the current correction could take SOL to the $164 area, where the next support level is located.

However, given the number of bullish forecasts for Solana and the broader market in the final months of the year, especially with the upcoming US elections, if the token can break above $180 and consolidate, the next target would be the $200 level, which has not been tested since the start of the recent downtrend. At the end of July.

Featured image of DALL-E, chart from TradingView.com