The crypto markets are plunging as Bitcoin slashed below $95,000 in the times when the $100K milestone appeared to be extremely evident. Meanwhile, Solana, which smashed a new ATH a few days ago, appeared to have been closely following the star crypto. As a result, the SOL price is expected to quickly rebound and recover as the BTC price rally above the milestone still remains imminent, regardless of the current market scenario. 

Will SOL price mark $300 in 2024? If this happens, will Solana surpass Tether to become the 3rd largest crypto after Bitcoin & Ethereum?

The recent price action has assisted Solana to enter the elite club of over $100 billion market cap, which is enjoyed only by Bitcoin, Ethereum, and Tether, and after the latest addition, Solana. Tether’s market cap has witnessed a steep rise since the beginning of the month, which soared from $123 billion to the current levels above $132 billion, an 8% rise. The major catalyst is believed to be the issuance of new USDT, which has reached the peak of over 15 billion alone in this month. 

As a result, the token has become the most dominant stablecoin in the market, as it’s value has not dropped below $1 since the start of the month. On the other hand, Solana has recovered finely after the initial pullback and surged nearly 70% to mark a new ATH above $262. With this, the market capitalisation of Solana has surged from just $2.82 billion to over $124.5 billion in just a couple of weeks. Besides, the Solana DEXs hit a major milestone with over $100 billion in monthly trading volume, outpacing Ethereum by over 100%. 

Interestingly, both Tether & Solana have not been capped for the maximum supply, meaning any number of USDT & SOL can be created and flushed into the markets. The rise in the new issuance of USDT could offer more liquidity into the market, while the rise in SOL issuance could drop the demand for the token, impacting negatively over it’s value. 

However, the USDT is expected to remain dominant within the top 5 cryptos, but with over 4000% rise in the market cap in just a few days, the Tether’s position could be in danger. Solana bulls have become active and remain vigilant over the market conditions. Therefore, the next uptick in the BTC price rally could trigger the SOL price rally too, which is now aiming to reach $300 before the end of 2024. If this move is validated, Solana could become the third largest crypto after Bitcoin and Ethereum with a market capitalisation of over $150 billion. 

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