Two cryptocurrencies set to achieve a market capitalization of 100 billion in July
The broader digital currency market has recently faced substantial fluctuations. Although June started off strong, investor sentiment shifted from greed to caution by the second week, resulting in significant price declines. Despite these obstacles, certain cryptocurrencies are approaching significant market cap milestones. According to Finbold, Binance Coin (BNB) and Solana (SOL) are strong candidates to reach a $100 billion market cap in July. The achievement of this milestone will largely depend on the overall market dynamics in the upcoming weeks.
BNB Chain (BNB)
BNB, the primary token of the Binance platform, shows great potential to reach and potentially surpass a $100 billion market cap. This potential is driven by strategic expansions and innovations within the Binance ecosystem.
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There was a massive sell-off as Chainlink unlocked $300 million worth of LINK and sent it to Binance. Market turmoil ensued as China warned of a potential ‘trade war’ with the EU over proposed EV tariffs. ChatGPT-4o pegged the Ethereum price at $800 billion as a bank entered into ETH spot trading. Bitcoin’s six-month stagnation mirrored the price doldrums of 2023.
Currently priced at $583.54 with a market cap of $86.13 billion, BNB has shown significant promise. On June 20, BNB Chain implemented a major update with BEP 336, resulting in a 90% reduction in transaction fees.
BNB market cap. Source: CoinMarketCap
Recently, BNB fell below the $590 support level but stabilized at $560. If the bulls manage to push the price above the moving averages, BNB could rally to $617 and potentially reach $722. With these fee reductions and positive market trends, BNB is well-positioned for substantial market cap growth in the near future.
Solana (SOL)
As the fifth-largest cryptocurrency with a market cap of $70 billion, Solana has garnered strong investor interest and confidence. The Solana ecosystem is highly active, particularly with SOL-based meme coins. Priced at $131.16, Solana has become a preferred platform for meme coin issuers, enhancing its market presence.
Recently, 3iQ unveiled plans to launch North America’s first publicly traded Solana exchange-traded product on the Toronto Stock Exchange (TSX), underscoring significant institutional interest.
SOL market cap. Source: CoinMarketCap
Despite a recent dip below its descending channel pattern, Solana has shown resilience. If the price surpasses the resistance line, it could surge to $176, signaling a strong recovery. With growing adoption and substantial institutional support, Solana is on track to approach the $100 billion market cap.
Both BNB and Solana are strategically positioning themselves and demonstrating resilience, making them leading candidates to reach a $100 billion market cap by July. Investors and traders should closely monitor these cryptocurrencies as they continue to develop and leverage their strengths.
Disclaimer: The information provided on this website should not be construed as investment advice. Investing carries inherent risks, and your capital is at stake when investing.
