A strong 18% surge in the price of Solana over the past 24 hours has boosted SOL to the fourth spot by market capitalization. This is the first time its done so in over two years. SOL is currently priced at $98.3, up 17.2% on the day, with a market cap of $42 billion, according to CoinMarketCap data.
This latest price jump has led to Solana flipping Binance Coin (BNB), which now sits in the 5th spot with a market cap of $41.8 billion. Just a day earlier, Solana had surpassed XRP to become the fifth-largest cryptocurrency.
Read more: Coinbase Gains French Crypto License Amid U.S. Regulatory Rift
The last time Solana was ranked #4 was back in November 2021, at the height of the 2021 crypto bull market. This happened when it touched a market cap high of $75 billion. However, its price crashed in 2022, along with the rest of the crypto market.
By the end of 2022, Solanas price had plunged below $10, mainly attributed to its association with the collapsed FTX exchange and its founder, Sam Bankman-Fried. A historical snapshot from October 9, 2022, shows SOL had fallen to the #9 spot by market cap.
Read more:YouTube Under Fire For Refusing To Remove Ripple (XRP) Scam
Just a year later, SOL has risen from the ashes like a phoenix, posting triple-digit gains. SOL is up by 711.9% year-to-date and 81% in the last 30 days alone.
However, SOL could face some resistance at the psychological $100 level in the near term after such a vertically swift move. Profit-taking typically sets in after such aggressive rallies. Rival smart contract platforms like Polygon and BNB Chain could also attempt to catch up to Solanas market cap.
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 5 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.
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Solana Beats Binance's BNB, Reclaims 4th Largest Coin Ranking - Milk Road
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