Solana (SOL) lost its top four spot to Binance Coin (BNB) after its price dropped to $105 and its market capitalization declined.

BNB is experiencing significant gains, with a 25% price increase in the latest week and a market capitalization of over $50 billion.

Solana has the potential to rebound due to its success in trading volume and the NFT market.

Latest Crypto Market Changes

One of the best-performing cryptocurrencies over the past few weeks (and the year overall), Solana (SOL), has lost some ground recently, with its price slipping to $105 (according to CoinGecko) and its market cap falling below $45 billion. pass.

As a result, the coin lost its position as the fourth largest crypto asset, with Binance Coin (BNB) taking its place.

The latter has been on a significant uptrend recently, with prices increasing by 25% over the past week to reach nearly $330 (the highest level since May 2023). Additionally, its market capitalization exceeded $50 billion for the first time, its highest level in eight months.

Can Solana (SOL) counter this attack?

It’s worth noting that SOL’s recent pullback may just be a minor correction, and another rally could be on the way in the near future. One of the factors supporting this view is the recent surge in transaction volume on blockchain protocols. That number has remained above $1 billion since mid-December, according to DefiLlama.

The network has also made some achievements in the non-fungible token space. Sales of Solana NFTs have exceeded $83 million in the past seven days, surpassing Ethereum, which currently has sales of about $74 million.

As of right now, the gap between SOL’s market cap and BNB’s market cap is “only” $5 billion, and it will be interesting to see which one will come out on top in the year ahead.

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