Solana Outperforms Binance’s BNB in Market Cap with Continuous Price Surge
Continuing its remarkable surge, Solana (SOL) has now surpassed Binance Coin (BNB) in market capitalization, solidifying its position as a leading digital asset on the market.
SOLANA FLIPPED BNB pic.twitter.com/ISdrnGfoTb
- borovik.eth (@3orovik) December 22, 2023
The latest surge, a whopping 18% increase in the past 24 hours, propelled Solana to claim the fourth spot in market capitalization-a significant milestone not achieved for over two years.
Solana Upward ShiftSolana's market capitalization soared to $41.9 billion, overtaking Binance Chain's BNB market cap of $41.8 billion. As of now, SOL is valued at $98.40, reflecting an 18% gain in a single day.
Notably, this achievement in Solana's price follows its remarkable market performance, raising it above that of XRP on December 21.
But this was only a part of its outstanding performance, as SOL had previously displayed resilience over several other digital assets by over 30%.Meanwhile, even though several supporters consider it an ETH killer, there is much left to cover before achieving Ethereum's current height and market cap of $269 billion.
The last time Solana secured the fourth position was back in November 2021, during the peak of the bull market cycle, with a market cap of $75 billion. However, at that time, Solana trailed behind BNB at $108 billion.
The cryptocurrency faced a setback at the end of 2022, closing at just below $10 due to its association with the now-defunct FTX exchange and former crypto billionaire Sam Bankman-Fried.
Fast forward to the present, SOL has surged to almost $100, establishing itself as one of the standout performers in the crypto market this year. Google Trends data also reflects the growing interest in Solana, with search queries approaching the volume associated with Ethereum in the United States.
While the positive momentum is evident, some technical analysts have issued warnings of a potential major market correction before the year concludes. On December 21, the Solana team celebrated the year's achievements during its Solana Solstice" event and annual review.
The highlights included the Bonk (BONK) hype, the Solana Saga phones massive sales, integration with artificial intelligence, and the formation of key institutional partnerships.
Solana's Projections: Are Buyers Losing Grip on the Market?While optimism surrounding Solana's performance remains high, a closer look at its daily price chart reveals potential concerns. Notably, the current dominance of buyers in the market has driven the token's price to a critical resistance point at $94.85.
This marks a critical juncture where the trajectory of the price may shift, potentially taking a bearish turn. The basis for this projection lies in the historical struggle of the token to sustain levels beyond this point. In essence, there's a risk of buyers losing control over the market.
If this scenario holds, Solana's price might be on the verge of a decline in the upcoming days. Moreover, if the bulls fail to regain control promptly, the anticipated move could lead the price down to the nearest support level of $75.12.
In the meantime, investors remain hopeful for a sustained bullish momentum, even as the threat of a downward trend looms.
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