Will Solana (SOL) Crypto Be a Standout Project in the Next Bull Run?

According to CoinMarketCap, Solana (SOL) price has fallen another 11.29% in the last 24 hours. At the time of writing, SOL was trading at $9.95. The project, once believed to be an Ethereum killer, has also seen its price drop by 17.71% over the past seven days.

 

Solana has been unable to stop its bleeding following the FTX downfall earlier this year. This, coupled with several network outages this year, has resulted in many in the crypto space questioning if the project has a future.

 

One important aspect to keep in consideration is the ranking of SOL on CoinMarketCap’s list. Since the collapse of FTX, Solana has dropped out of the top 10 list and is now ranked as the 17th largest crypto in terms of market cap.

 

It is, however, at risk of dropping out of the top 20 cryptos list as well given that there is a slim margin that exists between SOL’s market cap and the market caps of the remaining projects lower in the top 20 list. A dropout of the top 20 list will be a lethal indication of SOL’s demise and should serve as a confirmation that the project will not make the next bull cycle.

 

At press time, SOL’s market cap stands at approximately $3,652,501,885. Meanwhile, the market cap of Avalanche (AVAX), which is ranked 18th on the list, is estimated to be $3,492,233,605.

 

UNUS SED LEO (LEO) and Wrapped Bitcoin (WBTC) are ranked 19 and 20 on CoinMarketCap’s list, with market caps of $3,413,487,489 and $3,055,475,782, respectively.

 

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