A robust 18% surge within the worth of Solana (SOL) over the previous 24 hours has boosted the cryptocurrency to the fourth spot in market capitalization — the primary time it’s finished so in over two years.
The most recent surge has led to Solana’s market cap to achieve $41.9 billion, flipping that of Binance Chain’s BNB (BNB)’s now $41.8 billion. SOL is at present priced at $98.40, up 18% on the day.
SOLANA FLIPPED BNB pic.twitter.com/ISdrnGfoTb
— borovik.eth (@3orovik) December 22, 2023
Solely a day earlier, on Dec. 21, Solana had surpassed XRP (XRP) in market capitalization.
It comes as SOL has made greater than 30% good points over the previous week, outperforming all different main cryptocurrencies in the identical timeframe.
Nonetheless, regardless of the “ETH killer” moniker a lot of its supporters tout, Solana has an extended method to go to catch as much as Ethereum’s market cap of $269 billion.
The final time Solana was in fourth place was in November 2021, in response to CoinMarketCap. Again then, on the peak of the bull market cycle, it had a market cap of $75 billion however was nonetheless behind BNB, which had $108 billion.
Nonetheless, he worth of Solana closed on the finish of 2022 at just under $10, primarily attributable to its affiliation with the defunct FTX change and former crypto billionaire Sam Bankman-Fried. A yr later, SOL has now surged to nearly $100, making it one of many yr’s best-performing crypto belongings.
Google Tendencies additionally shows a robust improve in searches for Solana, which has nearly closed in on searches for Ethereum, not less than in the US.
Associated: Solana (SOL) market cap flips XRP — What’s behind the price surge?
Nonetheless, technical analysts have additionally warned of a possible major crash earlier than the yr ends.
On Dec. 21, the Solana crew regarded again on the yr in its “Solana Solstice” celebration and annual review of occasions, which included BONK hype, the launch of the Saga cellular gadget, AI integration, and institutional partnerships.
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