news 
Solana flips USDT for a few hours – Is Ethereum the next target?
Following a surge to $295 driven by OFFICIAL TRUMP memecoin’s success, Solana’s network reaches record highs.
Solana is currently the fifth-largest digital asset. SOL’s price surged to an ATH before retracing. In an interesting turn of events, Solana briefly surpassed Tether [USDT] to claim the fourth-largest spot in the cryptocurrency rankings by market capitalization. This surge was driven by a remarkable rally in SOL’s price, which soared to a high of $295 in the last trading session. While SOL has since retraced to the fifth position with a market cap of around $126 billion, the question remains: Could Solana challenge Ethereum [ETH] next?
The memecoin-driven surge in network activity is attributed to the launch of the OFFICIAL TRUMP token on the Solana blockchain. The debut has brought substantial liquidity, spiked trading volumes, and heightened investor interest. Early reports suggest that the token has captured social media attention, increasing adoption and transactions on the Solana blockchain. Moreover, daily transactions surged to 850,000, while trading volume exploded from $9 billion to $20 billion within 48 hours. Furthermore, Solana’s Total Value Locked (TVL) reached a record-breaking $11.3 billion.
Technical indicators suggest strong momentum in SOL’s price action. The asset’s price has demonstrated robust technical strength with the 50-day moving average at 210.10 maintaining a healthy gap above the 200-day MA at 175.90. Additionally, the RSI reading of 69.44 signifies strong momentum while leaving room for further upside. Trading volume of 1.73M SOL indicates substantial market engagement during this rally.
Ethereum’s formidable market position remains intact, however. The cryptocurrency traded at $3,393.63, supported by its 50-day MA at 3,536.84. With a market capitalization exceeding $411.3 billion, flipping ETH appears to be an ambitious goal for the time being.
Nonetheless, Solana’s recent market cap milestone highlights its potential to challenge established players in the crypto hierarchy. However, challenging Ethereum would require more than temporary memecoin enthusiasm and sustained ecosystem growth.
Source: ambcrypto.com
