Solana ($SOL) has not become the seventh-largest cryptocurrency by market cap as it continued its price discovery post breaching $100. $SOL has managed to gain over 70% in the past week itself even when the rest of the crypto market remained relatively inactive in terms of price momentum during the same time frame.
$SOL has closed seven consecutive weekly green candles for the first time since its inception, indicating the strong bullish momentum that the altcoin has built. The market cap of $SOL also exceeded $40 billion, taking over Dogecoin’s market cap to replace it for the seventh spot. If it manages to continue the price discovery mode it has every chance of making it to the top-5 this bull season.
Solana became the first altcoin in the crypto market to record a new ATH post-May crash. Later it was joined by the likes of Cardano ($ADA) and Terra ($LUNA).
Solana’s Long-Term Development and Crowd Sentiment Reaches New Highs
Solana started the month under $40 and is now looking to test $150 next, thus seeing its market grow over 400% in a little over a month’s time. The altcoin’s price momentum is being associated with the rapid growth of the Solana ecosystem as the long-term on-chain activity nears new highs.
The social crowd sentiment has also been behind $SOL for quite some time now and spiked highest on August 31. The crowd sentiment is generally measured in terms of social media activity which spikes as the popularity of the token rises. There has been a slight decline in the social dominance in the past couple of days but that hasn’t affected the price momentum as the altcoin posted a new ATH at the time of writing at $141.9.
It is to be seen whether $SOL manages to continue its current market dominance and reach $2,00 next. The ecosystem has also seen a great deal of development with active support for NFTs as well now.
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