Solana Inches Closer to $100, Overtakes BNB in Market Cap Rankings

@monsterdao

22 Dec 2023. 3 mins read

Summarized by Bites Al

Solana (SOL) has rallied by over 45% since Monday, approaching the $100 mark and surpassing Binance's BNB in market capitalization. This marks a significant recovery for Solana, which hit a low of $8 in December last year. Solana briefly surpassed BNB in market capitalization and reached $99.50 on Binance, just $0.5 short of the $100 milestone.

Solana has never managed to flip the market capitalization of Binance's BNB in the past. However, the current rally brings Solana closer to achieving this milestone. As of now, BNB's market capitalization is $41.75 billion, while Solana's market capitalization is $41.44 billion.

The competition between Solana and BNB for the 4th spot in market capitalization highlights the growing prominence of Solana in the cryptocurrency market.

#Solana #BNB #MarketCap #Cryptocurrency.market

$BNB $SOL #

$SOL
User activity on the Solana (SOL) network has seen a remarkable surge, with an increase of nearly 400% in the final quarter of this year, partly attributed to the successful performance of decentralized finance (DeFi) protocols and non-fungible token (NFT) verticals on the Solana (SOL) platform. A significant contributor to this trend is Jupiter, a prominent DeFi protocol and swap aggregator which has been instrumental in driving increased user engagement.

In terms of trading value, Solana (SOL) has experienced fluctuations within the range of $63.2 to $78.93. The 10-day Moving Average is currently at $74.37, while the 100-day Moving Average stands at $69.94. Key support levels have been identified at $39.88 and $55.61, with resistance levels at $87.05 and $102.78.

https://bites.xyz/daily-digest

bites-7123ec99

#airdrop

#web3