Cryptocurrency has reclaimed its position in fourth place with a market cap of $49.95 billion.

CoinMarketCap reports a notable 94% surge in Solana (SOL) trading volume over the past 24 hours, reaching 3.22 billion. Simultaneously, its capitalization has increased by 11.7%, propelling BNB to the fifth position.

SOL’s value is rising, following the overall trend in the crypto market. In the last 24 hours, the cryptocurrency surged from $103 to $116, marking a 13% increase.

Solana price chart for Jan. 2, 2024. Source: CoinMarketCap.

A contributing factor to this rise is the anticipation surrounding the potential approval of the Bitcoin-ETF by the United States Securities and Exchange Commission. The regulator plans to decide on the application by Jan.10.

Recent events with Solana

Earlier, we mentioned that Solana outpaced Ethereum in terms of decentralized exchange (dex) volume last month, exhibiting a 53% growth and reaching a substantial milestone of $8.9 billion on Dec. 23. In contrast, the growth of its competitor during the same period was more modest, registering at just 5.64%.

A week later, the trend persisted. As of Dec. 27, Solana’s dex volume continued to climb, marking a notable 67.88% growth. In contrast, Ethereum’s growth turned negative, with a decline of -1.63%.

As of the current writing, both blockchains are displaying negative dynamics. In the last 24 hours, Solana’s dex volume experienced a notable decline of -37.48%, while Ethereum saw a more modest decrease of 2.14%, securing its position in the lead.

However, according to Google Trends, Solana’s popularity is skyrocketing. The project’s popularity peaked on December 24. That’s when it scored 100 points on Google Trends metrics, indicating the maximum interest in the cryptocurrency at that time. Ethereum’s popularity, on the contrary, decreased, falling by 51 points.

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