Key Insights
- Solana just overtook BNB as the 4th largest crypto by market cap, surging 21.5% in the last week.
- Solana phones selling out in pre-order may have contributed to this price health.
- Pyth DAO’s on-chain approval and growing maturity may have also contributed to this.
In the end, Solana’s strong price action and Binance’s regulatory challenges suggest it might stay ahead of BNB.
After the extended bear market that plagued 2021, 2022 and some parts of 2023, the cryptocurrency market is now starting to show signs of a comeback.
Bitcoin, reclaimed the $50,000 mark on February 5, encouraging traders and investors to get back in on the action.
However, Solana has also taken the spotlight and has been beating the majority of its rivals.
SOL Flips BNB to Become the Fourth-Largest Crypto
On 12 February 12this week, SOL finalized its show of dominance, by overtaking BNB, the native cryptocurrency of Binance, to rank as the fourth-largest crypto by market cap, according to data from CoinMarketCap.
As of 1:50 PM UTC on 14 February, SOL’s market sits at around $50.8 billion, while BNB’s sits at around $49.5 billion.
In the last 7 days before that, SOL has had a massive 21.5% increase, with $SOL trading at $116 at the time of writing.
Conversely, BNB has only seen a 7-day price movement of around 9% with a price of $331 per coin.
The Pyth DAO’s on-chain approval on 6 February was also one of the main causes of SOL’s recent price surge.
In total, the Pyth Network has become more mature and decentralized with the adoption of the Pyth DAO Constitution, which should improve its scalability, security, and dependability.
The New Solana Phones Sell Out Like Hot Cake
Another factor that boosted SOL’s popularity is the success of the new Solana mobile phone.
Compared to its predecessor, the Solana Chapter 2 mobile phone has been a huge success so far.
Solana Mobile even announced on 12 February via a tweet, that the Solana Chapter 2 had hit the 100,000 preorder milestone in less than 30 days since launch.
Shipments of the $450 Chapter 2 smartphone are expected to begin in early 2025, with Solana Mobile recently announcing that the smartphone’s presale window will end on 14 February.
Overall, despite the rivalry between both, for the fourth place, SOL and BNB remain some are still two of the most prominent cryptocurrencies on the market.
Both of these cryptocurrencies can potentially rally further upwards, especially as the crypto market continues to recover and expand.
What Next For Solana?
At the time of writing, Solana trades at $115, and is up by around $21.3 over the last week, according to data from CoinMarketCap.
In the charts, we have Solana trading steadily atop its 50-day moving average as shown below, and targetting the $125 high from 25 December last year.
The cryptocurrency has shown considerable strength in terms of price action recently.
Considering the regulatory challenges that Binance is currently facing, it is safe to say that Solana is likely to stay ahead of BNB for much longer.
The next cryptocurrency/stablecoin on the list is Tether’s USDT with around $96 billion.
And at this rate of growth, Solana will have to hit its all-time high again (or rally by another 55.74%), to beat Tether’s USDT.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
