Just sooner or later after surpassing XRP, SOL has overwhelmed BNB in market capitalization after a 18% enhance in the final 24 hours.
The latest 18% enhance in the worth of Solana (SOL) in the final 24 hours has propelled the cryptocurrency to the fourth place in market capitalizationone thing that has not occurred for greater than two years.
This newest growth raised Solana’s market capitalization to $41.9 billion, surpassing Binance Chain’s BNB market capitalization of $41.8 billion. SOL is at the moment priced at $94.75, rising 18% on the day.
Boom and progress in the market
Just sooner or later earlier, on December 21, Solana had surpassed XRP in market capitalization.
It happens whereas SOL has gained greater than 30% in the final weekoutperforming all different main cryptocurrencies in the identical time interval.
However, regardless of the “ETH killer” moniker that lots of its supporters tout, Solana has a protracted technique to go to succeed in Ethereum’s market capitalization of $269 billion.
Solana final ranked fourth in November 2021, in line with CoinMarketCap. Back then, on the peak of the bull market cycle, it had a market capitalization of $75 billion, however was nonetheless behind BNB with $108 billion.
Changes and challenges for Sol
However, Solana’s worth closed 2022 at just below $10, primarily attributable to its affiliation with the FTX exchange and former cryptocurrency millionaire Sam Bankman-Fried. One yr later, SOL has risen to virtually $100, turning into one of many greatest performing crypto property of the yr.
Google Trends additionally exhibits a considerable enhance in Solana searches, which have virtually caught up with Ethereum searches in the United States.
However, technical analysts have additionally warned of a potential large drop earlier than the top of the yr.
On December 21, the Solana workforce mirrored on the yr at its “Solana Solstice” celebration and annual evaluation of occasions, which included the Bonk (BONK) hype, the launch of the Saga cellular gadget, the mixing of synthetic intelligence and institutional associations.
