SOL on the Run

The cryptocurrency market is well in the green today (July 29), with numerous leading digital assets charting substantial gains.

The cryptocurrency market is enjoying a bullish day on Friday (July 29), with several top digital assets posting notable gains.

Among them is Solana (SOL), the price of which is up nearly 5% on the daily chart and currently trades around $192. Its market capitalization reached nearly $90 billion, a level last seen in early April.

The resurgence saw SOL become the fourth-largest cryptocurrency, overtaking Binance Coin (BNB). The latter’s market cap was indeed trading above $90 billion but slipped to less than $87 billion in the past few hours.

There is no change in the top 3 list, however. Bitcoin (BTC) continues to be the undisputed leader with a market capitalization of nearly $1.4 trillion, followed by Ethereum (ETH) at $405 billion. The stablecoin Tether (USDT) is in third place with a market cap of approximately $114 billion.

Several analysts believe that the token’s price rally is far from over. X user Jelle argued that SOL’s current performance mirrors that observed in the summer of 2021, which was later followed by a massive bull run to an all-time high of nearly $260.

“Should be up only from here if it keeps playing out the same. My target? $600,” the analyst noted.

Elsewhere, Captain Faibik claimed that SOL had confirmed a “Bullish Pennant Upside Breakout” on the weekly timeframe, suggesting that new impressive price peaks could be on the horizon before the end of this year.

It is also worth noting that the total value locked (TVL) on Solana and the on-chain trading volume have been rising recently. TVL, which refers to the amount of cryptocurrency assets staked, locked, or invested in the ecosystem, surpassed $5.5 billion recently. The uptrend usually indicates growing usage and adoption of the network and could be seen as a positive sign by investors.

Trading volume has been hovering around $2 billion in the past few days. The metric’s increase signals improved liquidity, increased demand, and positive market sentiment. This could lead to a more stable trading environment, attract additional market participants, and thus positively impact the SOL price.

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