Solana Beats Binance’s BNB, Reclaims 4th Largest Coin Ranking
A strong 18% surge in the price of Solana over the past 24 hours has boosted SOL to the fourth spot by market capitalization. This is the first time it’s done so in over two years. SOL is currently priced at $98.3, up 17.2% on the day, with a market cap of $42 billion, according to CoinMarketCap data.
This latest price jump has led to Solana flipping Binance Coin (BNB), which now sits in the 5th spot with a market cap of $41.8 billion. Just a day earlier, Solana had surpassed XRP to become the fifth-largest cryptocurrency.
- SOL hits $98 after a surge of over 17% in the last 24 hours.
- The market cap reaches $42 billion, surpassing BNB’s $41.8 billion.
- SOL reclaims the #4 spot for the first time since November 2021.
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Solana dethrones BNB
The last time Solana was ranked #4 was back in November 2021, at the height of the 2021 crypto bull market. This happened when it touched a market cap high of $75 billion. However, its price crashed in 2022, along with the rest of the crypto market.
By the end of 2022, Solana’s price had plunged below $10, mainly attributed to its association with the collapsed FTX exchange and its founder, Sam Bankman-Fried. A historical snapshot from October 9, 2022, shows SOL had fallen to the #9 spot by market cap.
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Just a year later, SOL has risen from the ashes like a phoenix, posting triple-digit gains. SOL is up by 711.9% year-to-date and 81% in the last 30 days alone.
However, SOL could face some resistance at the psychological $100 level in the near term after such a vertically swift move. Profit-taking typically sets in after such aggressive rallies. Rival smart contract platforms like Polygon and BNB Chain could also attempt to catch up to Solana’s market cap.
