Solana’s swing continues, now toppling Binance’s BNB by market cap.
Solana's (SOL) price surge over the past 24 hours has pushed the cryptocurrency up 18 percent to the fourth-ranked cryptocurrency by market capitalization — the first time it's done so in more than two years.
The latest increase boosted Solana's market cap to $41.9 billion, surpassing Binance Chain's BNB (BNB) market cap of $41.8 billion. SOL is currently priced at $98.40, which is up 18% on the day.
SOLANA FLIPPED BNB pic.twitter.com/ISdrnGfoTb
— borovik.eth (@3orovik) December 22, 2023
A day earlier, on December 21, Solana passed XRP (XRP) in market capitalization.
SOL has gained more than 30% in the past week, outperforming other major cryptocurrencies in the same period.
However, despite the moniker “ETH killer” by many of her supporters, Solana has a long way to go to achieve Ethereum's $269 billion market cap.
Solana was last ranked fourth in November 2021, according to CoinMarketCap. Back then, at the peak of the bull market cycle, it had a market cap of $75 billion but was still behind BNB by $108 billion.
However, Solana's price closed below $10 in 2022, mainly due to its defunct FTX exchange and its association with former crypto billionaire Sam Bankman-Fried. A year later, SOL has risen to nearly $100, making it one of the best performing crypto assets of the year.
Google Trends also shows a significant increase in searches for Solana, which is about to close searches for Ethereum in the United States.
Related: Solana (SOL) Market Cap Overturns XRP – What's Behind The Price Increase?
However, technical analysts have warned that a major crash could occur before the end of the year.
On December 21, the Solana team looked at the year at the “Solana Solstice” celebration and annual review, including the Bonk (BONK) hype, the launch of the Saga mobile device, the integration of artificial intelligence and institutional partnerships.
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