The broader cryptocurrency market has recently experienced significant volatility. Although June started on a positive note, investor sentiment shifted from greed to caution in the second week, leading to sharp price declines.
Despite these challenges, some cryptocurrencies are approaching significant market cap milestones. Finbold identified Binance Coin (BNB) and Solana (SOL) as strong contenders to hit $100 billion in market cap in July. Whether these cryptocurrencies reach this milestone will largely depend on broader market dynamics in the coming weeks.
BNB Chain (BNB)
Binance’s native token, BNB, shows strong potential to reach and perhaps surpass a $100 billion market cap. This potential comes from strategic expansions and innovations within the Binance ecosystem.
Currently trading at $583.54 with a market capitalization of $86.13 billion, BNB has shown significant promise. On June 20, BNB Chain launched a major update with BEP 336, reducing transaction fees by 90%.
Recently, BNB dropped below the $590 support level but found a stable foothold at $560. If the bulls push the price above the moving averages, BNB could rise to $617 and potentially reach $722. With these fee reductions and the bullish market trends, BNB is well positioned for substantial market cap growth in the near future.
Solana (SOL)
It is currently the fifth largest cryptocurrency with a market capitalization of $70 billion and enjoys strong interest and trust from investors.
The Solana ecosystem has significant activity, especially with SOL-based meme coins. Solana is currently priced at $131.16 and has become a favorite platform for meme coin issuers, increasing its presence in the market.
Recently, 3iQ announced plans to launch the first publicly traded Solana product in North America, on the Toronto Stock Exchange (TSX), highlighting strong institutional interest.
Despite a recent dip below its descending channel pattern, Solana has shown resilience. If the price breaks above the resistance line, it could rise to $176, indicating a solid recovery. With growing adoption and significant institutional support, Solana is on track to approach the $100 billion market cap.
Both BNB and Solana are making strategic moves and showing resilience, positioning themselves as top contenders to reach a $100 billion market capitalization by July. Investors and traders should monitor these cryptocurrencies closely as they continue to evolve and capitalize on their strengths.
Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When you invest, your capital is at risk.
