Solana (SOL) Flips BNB, Becoming 4th Biggest Cryptocurrency

07/27/2024 03:16
Solana (SOL) Flips BNB, Becoming 4th Biggest Cryptocurrency

Solana is experiencing bullish momentum

Solana (SOL) Flips BNB, Becoming 4th Biggest Cryptocurrency

Cover image via www.freepik.com

Solana (SOL) has managed to climb to fourth spot on CoinMarketCap after surpassing BNB. The two major cryptocurrencies are both currently valued at $84.8 billion, with SOL having a slight edge. 

The price of SOL soared by 8% over the past 24 hours, significantly outperforming the broader market. 

According to cryptocurrency analytics platform Santiment, the two aforementioned assets are now expected to be in "close proximity" to each other.  

Related

Is Solana's (SOL) Head and Shoulders Pattern Ready? What It Means

That said, Solana, which is considered to be the leading "Ethereum killer," is currently enjoying bullish momentum following its 35% price jump that occurred over the past two weeks. 

Solana found itself at the center of the recent meme coin bonanza. Pump.fun, a meme coin generator powered by the popular proof-of-stake blockchain, has already helped to launch over a million tokens. 

Related

Ethereum (ETH) Crashes Dramatically, What's Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test

The fourth-largest cryptocurrency might also start seeing growing institutional adoption. As reported by U.Today, investment firm VanEck recently filed to launch a spot Solana-based ETF. 21Shares went on to join the fray with a similar proposal. However, these products are highly unlikely to see the SEC's green light this year. 

A broader market rally 

In the meantime, Bitcoin has surpassed the $68,000 level, with its market cap swelling to nearly $1.35 trillion.

Other major cryptocurrencies are also in the greed. Dogecoin, the leading meme coin, recorded a double-digit price jump. 

About the author

article image

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].

Advertisement

TopCryptoNewsinYourMailbox

TopCryptoNewsinYourMailbox

Read more --->