The wider cryptocurrency market has experienced significant volatility recently. While June began on a strong note, investor sentiment shifted from greed to caution by the second week, leading to major price drops.
Despite these challenges, some cryptocurrencies are edging closer to significant market cap milestones. Finbold has identified Binance Coin (BNB) and Solana (SOL) as strong contenders to reach a $100 billion market cap in July. Whether these cryptocurrencies achieve this milestone will depend largely on broader market dynamics in the coming weeks.
BNB Chain (BNB)
BNB, the native token of Binance, displays strong potential to reach and perhaps surpass a $100 billion market cap. This potential stems from strategic expansions and innovations within the Binance ecosystem.
Currently trading at $583.54 with a market cap of $86.13 billion, BNB has shown significant promise. On June 20, BNB Chain rolled out a major update with BEP 336, slashing transaction fees by 90%.
BNB market cap. Source: CoinMarketCap
Recently, BNB dipped below the $590 support level but found stable footing at $560. If the bulls push the price above the moving averages, BNB could rally to $617 and potentially reach $722. With these fee reductions and bullish market trends, BNB is well-positioned for substantial market cap growth in the near future.
Solana (SOL)
Currently the fifth-largest cryptocurrency with a market cap of $70 billion, Solana has robust investor interest and confidence.
The Solana ecosystem has significant activity, especially with SOL-based meme coins. Solana is currently priced at $131.16 and has become a favored platform for meme coin issuers, boosting its market presence.
Recently, 3iQ announced plans to launch North America’s first publicly traded Solana exchange-traded product on the Toronto Stock Exchange (TSX), highlighting strong institutional interest.
SOL market cap. Source: CoinMarketCap
Despite a recent dip below its descending channel pattern, Solana has demonstrated resilience. If the price climbs above the resistance line, it could surge to $176, indicating a solid recovery. With increasing adoption and significant institutional backing, Solana is on track to approach the $100 billion market cap.
Both BNB and Solana are making strategic moves and showing resilience, positioning them as top contenders to hit a $100 billion market cap by July. Investors and traders should closely watch these cryptocurrencies as they continue to evolve and leverage their strengths.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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