Solana vs Toncoin: Crypto Rankings Are Shifting – Here’s How
Vijay Gir6 Nov 20242 min read
Solana (SOL) has taken a major step forward, climbing 17% to hit $188, which pushed it past Binance Coin (BNB) to become the fourth-largest cryptocurrency by market cap. Meanwhile, Toncoin (TON) has seen a decline, falling from 9th to 11th place.
What’s behind Solana’s rise and Toncoin’s fall?
Could U.S. Politics Be Boosting Solana?
There’s a lot of chatter that SOL’s recent boost might be linked to political factors in the U.S. With former President Donald Trump leading in polls, a crypto-friendly administration could be back on the cards, some believe. If so, Solana could be in line for an ETF approval, a move that would open new doors for the token. Syncracy Capital’s Daniel Cheung even hinted that a favorable outcome in the elections could eventually push SOL close to the $1,000 mark.
That’s quite an optimistic view, but it’s caught the attention of investors.
Toncoin Faces Challenges: Can It Bounce Back?
Unlike Solana, Toncoin has faced difficulties recently. The token dropped two spots in CoinMarketCap’s rankings, with its value dropping 6.75% over the past week. However, there’s an interesting twist: Toncoin’s trading volume surged by over 50% in just 24 hours. This suggests that while the price has fallen, investor interest in The Open Network remains strong.
So, even though the price is down, trading activity indicates that investors are still positioning themselves for potential gains.
What’s Next for Solana and Toncoin?
With Trump potentially returning to power, the crypto community is eagerly awaiting new policies that could help the market grow. If Solana’s momentum continues, the possibility of an ETF approval could fuel even more excitement. For now, SOL sits at $182.74 after facing a 4% rejection from the $188 mark. As for Toncoin, while it’s currently down, it might just need a spark—perhaps something like a new app or project, like Paw on Telegram, could help it recover.
Will Solana continue to rise, and can Toncoin make a comeback? Only time will tell.
