TL;DR
- Solana (SOL) has seen a price drop to $105 and a drop in market cap, causing it to lose its top four cryptocurrency ranking to Binance Coin (BNB).
- BNB is experiencing a significant surge, with a recent price increase of 25% in one week and a market capitalization exceeding $50 billion.
- Solana has recovery potential due to its strong trading volume and success in the nft market.
The latest change in the crypto market
One of the best performers in recent weeks (and throughout the year), Solana (SOL), has recently lost some ground, with its price falling to $105 (according to CoinGecko data) and its capitalization market falling below the $45 billion mark. .
As such, the token lost its position as the fourth-largest crypto asset, with Binance Coin (BNB) taking its place.
The latter has seen a major bullish trend lately, seeing a 25% price increase last week and reaching almost $330 (the highest mark since May 2023). Furthermore, its market capitalization has surpassed the $50 billion level for the first time in eight months.
Will Solana (SOL) be able to respond to the attack?
It is worth noting that SOL's recent pullback could be just a minor correction, which could be followed by another rally in the near future. A factor that supports this thesis is the increasing volume of operations in the blockchain protocol in recent times. According DefiLlamathat figure has been well above $1 billion since mid-December.
The network has also gained ground in the field of non-fungible tokens. Solana nft sales volume has exceeded $83 million in the last seven days, surpassing ethereum. whose figure currently amounts to approximately 74 million dollars.
The difference between SOL's market cap and BNB's is “only” $5 billion right now and it's interesting to see which one will come out on top over the next year.
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