Solana returns to pre-Xmas prices while BNB ranks 4th
Solana (SOL) has cooled off from its impressive 120% monthly rally in December in the days following Christmas, with its market cap surpassing that of Binance's BNB (BNB).
Before spending several hours at pre-holiday prices, the price of the Solana was once again seen falling below $100.
At press time, Solana is changing hands at $105, still down 14 percent from its annual high of $123 on Dec. 26, according to TradingView data.
However, an unexpected 9% rise in the price of BNB has seen it now overtake the Binance-linked token as the fourth largest cryptocurrency by market capitalization.
Solana's bullish rally has seen several SOL-based memecoins, including Bonk (BONK) and Dogwifhat (WIF), post gains of 650% and 123,000% in the past few weeks, respectively, witnessing impressive price action between November 22nd and December 22nd.
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However, both memecoins have retreated more than 50% from their all-time highs, with each falling three days before Solana hit a yearly high on December 26.
Running parallel to the surge in Solana's price was a flurry of trading activity on the network, with SOL-based decentralized exchanges (DEXs) trading volume eclipsing Ethereum for the first time.
BREAKING: @Solana 24H DEX vote beats @etherum & @arbitrum combined pic.twitter.com/9WqBmmOeXB
— DEGEN NEWS ️ (@DegenerateNews) December 22, 2023
Solana's DEX volume has fallen to $1.1 billion in the past 24 hours since the freeze, roughly half of Ethereum's $2 billion, according to Defillama data.
Meanwhile, Ethereum has recently posted a 5% weekly gain, many traders and analysts predict that Ether (ETH) may start outperforming its competitors in the near future.
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