Solana (SOL) Reclaims 11th Position by Market Capitalization

• Solana (SOL) has reclaimed the position of the 11th biggest crypto by market cap.
• The crypto pair has a market cap that is nearly $6 billion.
• Solana has been changing hands at $15.98 in the past 24 hours.

Solana (SOL) has reclaimed the position of the 11th biggest cryptocurrency by market capitalization, enabling it to emerge as a leading blockchain network platform. Solana has a market capitalization of about $6 billion as shown by the cryptocurrency tracking platform, Coinmarketcap.

As a direct consequence of accomplishing this target, Solana has now surpassed Litecoin, with a market value of $5,902,426,382 at press time. In terms of trading volumes, there is also a huge disparity between them.

Nonetheless, in this respect, SOL keeps its advantage over LTC, the second-largest meme currency. Compared to LTC’s trading volume of $592,737,680, SOL’s volume of $621,855,536 is much higher according to CMC.

The huge volume suggests that SOL may continue to maintain its 11th position in the market cap list despite its volatile nature according to crypto proponents. Apart from market capitalization and trading volume, SOL’s success can also be attributed to its underlying fundamentals.

With more than 3000 validators as of August 2022 and a rapidly-growing network of nodes, the Solana blockchain experiences over 200 million transactions on a daily basis. The sheer number of validators and nodes makes the blockchain far more secure than those of its competitors according to data from the Solana validator health report.

On the same accord, Solana has been changing hands at $15.98 in the past 24 hours. The SOL/USD cryptocurrency pair is down 0.50% in the last 24 hours. It has a circulating supply of 370,184,196 SOL coins at press time. Furthermore, as the bears are making progress now, the next support for SOL is present at the $15.71 level.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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