Solana (SOL) and Binance’s BNB lock their horns in an intense battle for the 4th spot in the tally of the biggest cryptocurrencies. The match-up between the two giants is expected to set the tone for the next phase of the ongoing bull run for the crypto market.
Solana holds the 4th spot
Data shows that Solana flipped BNB to become the 4th largest digital asset by market capitalisation. SOL is holding a market cap of $87.88 billion which is not much more than BNB’s market cap of $87.46 billion. However, the current sentiments emerging for SOL suggest that it can hold the position, but multiple odds remain in the market.
Solana, whose price dropped to a single digit once, had managed to perform a major recovery of around 700% in the year 2023. However, it has managed to continue the positive sentiments running within the community and out in the market.
SOL price is up by 106% in the last 60 days. It is trading at an average price of $197.74, at the press time, which is still down by 23% from its all time high (ATH) of $260 recorded on November 7, 2021. Its 24 hour trading volume is up by 42% to stand at $3.17 billion.
Binance’s BNB is also riding on a similar kind of momentum as its price surged by 95% over the past 60 days. BNB is trading at an average price of $585, at the press time, which is down by 15% from its ATH of $690 recorded on May 10, 2021. However, its 24 hour trading volume is up by 10% to stand at $1.67 billion.
What’s next?
It is important to note that Solana recently breached the $200 price mark depicting bullish sentiments building around it. Crypto based on the Solana blockchain has been the biggest factor behind the surge. Data shows that the ecosystem’s market cap now stands at $235 billion with a trading volume of $65 billion.
Meme coins based on SOL turned out to be massive gainers since the beginning of 2024. dogwifhat (WIF) price had surged by 2700% in the last 90 days to become the 3rd largest meme coin with a market cap of $4.42 billion. WIF is trading at an average price of $4.43, at the press time. With WIF, BOOK of MEME had a hit entry in the crypto market.
