Solana’s Market Cap Surges, Outpacing Binance’s BNB

Crypto News- Solana’s market cap surges: Solana (SOL) has just experienced a remarkable 18% surge in its price over the past 24 hours, reaching an impressive $98.40. This surge has not only catapulted Solana into the limelight but has also propelled it to the coveted fourth spot in the world of cryptocurrency market capitalization. This achievement is noteworthy as it marks the first time in over two years that Solana has secured such a prominent position.

Solana’s Market Cap Surges, Outpacing Binance’s BNB

In an astonishing turn of events, Solana managed to surpass Binance Chain’s (BNB) market cap, standing at $41.9 billion, just edging past BNB’s $41.8 billion. Notably, the day before this significant development, on December 21, Solana had already overtaken XRP in market capitalization, signaling a strong upward trend.

This surge in Solana’s value comes on the heels of a week of exceptional performance, with SOL outshining other major cryptocurrencies and boasting a remarkable gain of over 30%. However, despite the tag of being an “ETH killer” enthusiastically supported by its community, Solana still faces a substantial gap to bridge in order to catch up to Ethereum’s towering market cap of $269 billion.

The last time Solana held the fourth position was back in November 2021, amidst the peak of the bull market cycle, with a market cap of $75 billion. It was, however, trailing behind BNB at $108 billion during that period.

Impressive 18% Surge Propels Solana (SOL) to 98.40 Dollars in 24 Hours

It’s interesting to note that Solana closed out the year 2022 at just under $10, primarily due to its association with the defunct FTX exchange and its former crypto billionaire, Sam Bankman-Fried. Fast forward a year, and SOL has not only rebounded but surged to almost $100, establishing itself as one of the standout performers in the crypto market for the year.

Google Trends data reveals a significant surge in searches for Solana, almost on par with searches for Ethereum in the United States. Despite this positive momentum, technical analysts are cautioning investors, highlighting the potential for a major market crash before the year concludes.

On December 21, the Solana team took a reflective approach during its “Solana Solstice” celebration and annual review. Key highlights of the year included the Bonk (BONK) hype, the introduction of the Saga mobile device, integration of artificial intelligence, and strategic institutional partnerships. Solana’s recent accomplishments signify a resurgence in interest and confidence among investors, rounding off what has undeniably been a notable and successful year for the cryptocurrency.