Since Monday, Solana (SOL) has seen a significant surge, with an increase of over 45%, approaching the highly anticipated $100 mark. Binance’s own cryptocurrency, BNB, has become the fourth-largest by market cap. The collapse of FTX adversely affected Solana’s price and Total Value Locked (TVL), with the ecosystem experiencing a low of $8 in December last year. However, 2023 marked a strong recovery for Solana, almost reclaiming the $100 milestone.
Solana and BNB are in a tight race for the fourth spot in terms of market cap among cryptocurrencies. Solana briefly surpassed BNB earlier today but could not maintain its lead. Solana’s price reached $99.50 on Binance, just $0.50 shy of the $100 turning point. If Solana’s price remains above $100, it is likely to secure the fourth position more firmly. At the time of writing, BNB’s market cap was $41.75 billion, with Solana close behind at $41.44 billion.
Furthermore, Solana has never managed to permanently overturn BNB’s market cap value. Historical data from CoinMarketCap shows that Solana was in fourth place by market cap when it reached its all-time high in November 2021.
However, BNB’s market cap remained higher than Solana’s. On November 6, 2021, SOL’s market cap was nearly $78 billion, while BNB’s market cap was 25% higher, reaching $106 billion. As a result, Solana has shown a growth of over 45% since Monday, nearing the $100 level. Yet, the FTX collapse has had a negative impact on the SOL ecosystem. In the competition between SOL and Binance Coin (BNB), Solana briefly overtook BNB, but currently, BNB’s market cap is slightly ahead.