Solana (SOL) has surged past the $240 mark, overtaking Binance Coin (BNB) to claim the fifth spot among the world’s largest cryptocurrencies by market capitalization. Solana’s market cap now hovers around $129 billion, edging slightly ahead of BNB.
Drivers Behind the Rally
- DeFi Growth: The total value locked (TVL) on Solana has reached a record high of nearly $12.9 billion, up about 20% in the last month, signaling strong growth in decentralized finance activity on the network.
- Technical Breakout: SOL recently cleared resistance levels in the $205–210 range, with momentum now pushing prices beyond $240. Analysts suggest the next upside target could be $260 if the bullish momentum continues.
- Memecoin Mania: A surge in Solana-based memecoins has further boosted demand. The combined market value of these tokens has grown nearly 80% since June, attracting both retail and speculative traders.
Risks and Next Levels
- Solana is currently testing the $240 resistance zone. A strong breakout could set the stage for a move toward $250–260.
- However, if momentum weakens, key support levels lie around $220 and the $208–210 range. A drop below these zones could jeopardize recent gains.
