Solana Takes 4th from BNB: What Happened and Will It Stick?


A significant shift has occurred as Solana (SOL), known for its high-speed transactions and scalability, has again overtaken Binance Coin (BNB) to become the fourth-largest cryptocurrency by market capitalization. 

This development marks a potentially pivotal moment, emphasizing Solana’s growing influence. However, traders are now asking whether this flipping will last or whether Solana will lose the fourth spot again. 

Solana Overtakes BNB Coin

Solana experienced a price increase of over 23% in a significant rally within just a week. This surge propelled Solana’s market capitalization to $51,60 billion on Wednesday, February 14, edging out Binance Coin (BNB), which stood at $49,75 billion.

Several factors have contributed to Solana’s impressive performance. Firstly, the broader crypto market rally has set a conducive backdrop for growth-oriented assets like Solana. Still, the bull market does not account for SOL’s relative performance to other crypto. 

The most recent SOL-specific developments were the successful presale of Solana’s Chapter 2 phone, which sold 100,000 units. Moreover, the recent popularity of the meme coin Bonk (BONK) within the Solana ecosystem has further spotlighted the blockchain. 

Will Solana Keep the 4th Spot?

This is not the first time Solana overtook BNB and secured the fourth spot among cryptos. Earlier, SOL was ahead of BNB on December 2023, when the token briefly took fourth place. However, Binance’s native token quickly regained its lead in the following days. This means that it is not a given that Solana will retain its position. 

Solana’s ability to maintain its newfound position above Binance Coin hinges on several factors within the Solana and Binance ecosystems and external market forces. 

For one, Solana’s position hinges on the continued adoption of its decentralized applications and its whole ecosystem. This includes the phones from Solana Mobile and their dApp store. Moreover, crucial for Solana is maintaining scalability and avoiding network outages. While SOL quickly bounced back from its latest outage, the repeated network issues will likely be a problem for its price. 

On the other hand, the strong performance from Binance is also a threat to Solana’s position. Due to Binance’s BNB burns, the token is closely tied to the performance of the exchange. In the case of a market rally, Binance stands to profit, which will also boost its native token. 

On the Flipside

Despite its achievements, Solana faces challenges, including concerns over network stability. This is especially true after suffering the latest outage just weeks ago. 

While directly predicting whether SOL can keep its position is impossible, enumerating the various factors at play is still valuable to traders. 

Why This Matters

Solana’s rise to the fourth spot in the market signifies its growing acceptance and potential for innovation in the crypto space. 

Source : DailyCoin by David Marsanic / Feb 14, 2024 logo


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