Solana
Solana flips BNB again – Can SOL cement its position this time?
The price uptrend that Solana has been seeing in the last few days has finally been reflected in its market cap when compared with Binance Coin.
- SOL flips BNB in market cap.
- BNB and SOL traded with an increase in value.
For years, the top two assets have maintained a consistent ranking. However, fierce competition has emerged between Solana [SOL] and Binance Coin [BNB] in the lower ranks. Recently, one of them successfully surpassed the other, resulting in a new order.
Solana climbs over BNB in ranking
Recent data from CoinMarketCap showed that Solana has surpassed Binance Coin in market capitalization. An analysis conducted by AMBCrypto revealed that SOL’s market cap was now over $49 billion, while BNB’s market cap was over $48 billion.
Further examination of their seven-day trends sheds light on the reasons behind SOL’s flip over BNB. The data showed that in the last seven days, SOL has experienced a growth of over 17%, whereas BNB has seen an increase of around 8%.
At the time of this writing, both Solana and Binance Coin were experiencing a slight decline in their 24-hour trends. However, the decrease is less than 1%.
Solana pulls more volume than BNB
Recent data from CoinMarketCap revealed that Solana has surpassed Binance Coin in terms of trading volume. As of the current writing, SOL’s trading volume has exceeded $2.3 billion, while BNB’s volume is approximately $847 million.
Analyzing the three-day trend for SOL, it consistently recorded volumes of over $1 billion and, at the end of 13th February, reached over $3 billion.
Source: Santiment
In contrast, during the same period, BNB’s volume remained around $1 billion. This disparity in volume contributes to the recent shift in market cap rankings between SOL and BNB.
Source: Santiment
Comparing the SOL and BNB price trend
The surge in Solana’s market cap can be attributed to its recent price performance. A close examination of the daily price trend showed a consistent upward trajectory over the past few days.
Except for a 1.45% dip on 11th February, SOL has experienced continuous growth for the last seven days. At the time of this writing, it was trading at around $112.6, and the trend remained bullish, evidenced by its Relative Strength Index (RSI) nearing the 70 mark.
Source: Santiment
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Comparatively, Binance Coin has also witnessed positive price movements in recent days, but its uptrend included more intermittent declines.
At the time of this writing, BNB was trading at around $328, reflecting an increase of almost 1%. Similar to SOL, BNB was experiencing a strong bullish trend, with its RSI approaching 70.
Source: Trading View
