- Solana surpasses BNB to claim the 4th spot in crypto market cap.
- Solana's market cap surges by 21.5% in the past week, overtaking BNB.
- Pre-order sellouts of Solana phones likely boosted its price.
- Pyth DAO's on-chain approval and advancing maturity may also be factors behind Solana's rise.
In the grand scheme of the crypto landscape, the recent surge in Solana's value juxtaposed with Binance's regulatory hurdles implies a potential for Solana to maintain its lead over BNB.
Emerging from the prolonged downturn that characterized much of 2021 and parts of 2022 and 2023, the cryptocurrency market appears to be on an upward trajectory once more.
Bitcoin's ascent beyond the $50,000 threshold on February 5 has reignited optimism among traders and investors, signaling a resurgence in market activity.
Yet, amidst Bitcoin's resurgence, Solana has emerged as a formidable contender, outperforming many of its competitors.
On February 12, SOL solidified its dominance by surpassing BNB, Binance's native cryptocurrency, to claim the fourth position in terms of market capitalization, as reported by CoinMarketCap.
As of February 14, SOL boasts a market cap of approximately $50.8 billion, surpassing BNB's $49.5 billion.
This recent achievement is underscored by SOL's impressive 21.5% surge over the past week, with the coin trading at $116 at the time of reporting.
In contrast, BNB has seen a more modest 9% increase over the same period, with a price of $331 per coin.
The recent price surge of SOL can be attributed, in part, to the Pyth DAO's on-chain approval on February 6, signifying a significant milestone for the Pyth Network's maturity and decentralization.
Furthermore, the successful launch of the new Solana mobile phone has bolstered SOL's popularity, with the Solana Chapter 2 device surpassing 100,000 preorders within 30 days of its launch.
Looking ahead, despite the ongoing competition for the fourth spot, both SOL and BNB remain prominent players in the cryptocurrency market.
With the crypto market poised for further recovery and expansion, both currencies have the potential for continued upward momentum.
Currently trading at $115, Solana shows resilience, maintaining its position above the 50-day moving average and aiming for the $125 high achieved on December 25 of the previous year.
Given the regulatory challenges facing Binance, Solana appears poised to maintain its lead over BNB for the foreseeable future.
As Solana sets its sights on surpassing Tether's USDT, currently ranked third with a market cap of approximately $96 billion, achieving its all-time high or rallying by another 55.74% seems plausible.
Disclaimer: While Voice of Crypto strives to provide accurate and timely information, readers are urged to conduct their own research and exercise caution due to the highly volatile nature of cryptocurrencies.
