Solana Outperforms Binance Coin (BNB), After Flipping Ripple

After an 18% increase in the last 24 hours, SOL has surpassed BNB in market capitalization just one day after flipping XRP.

For the first time in more than two years, Solana (SOL) has risen to the fourth position in market capitalization thanks to a robust 18% price increase over the last 24 hours.

With the most recent spike, Solana's market capitalization surpassed Binance Chain's $41.8 billion market cap to reach $41.9 billion. The price of SOL is currently $98.40, up 18% today.

Source: CoinGecko

Just one day prior, on December 21, Solana's market capitalization had eclipsed that of XRP.

It occurs after SOL outperformed all other significant cryptocurrencies in the same timeframe, rising by more than 30% over the previous week.

To catch up to Ethereum's $269 billion market capitalization, Solana has a long way to go, despite the fact that many of its supporters refer to it as the "ETH killer."

According to CoinMarketCap, Solana last finished in fourth place in November 2021. Even with its $75 billion market cap at the height of the bull market cycle, it lagged behind BNB's $108 billion.

Nonetheless, Solana's price ended 2022 at slightly less than $10, mostly as a result of its connections to the now-defunct FTX exchange and former cryptocurrency billionaire Sam Bankman-Fried. After a year, SOL has increased to nearly $100, ranking among the top-performing cryptocurrency assets of the year.

Additionally, there has been a noticeable surge in searches for Solana on Google Trends, which has nearly surpassed searches for Ethereum in the US.

Technical analysts have cautioned about the possibility of a significant crash before the year is out, though.

The Solana team celebrated the "Solana Solstice" on December 21 and reviewed the year's events, including the introduction of the Saga mobile device, the integration of artificial intelligence, institutional partnerships, and the hype surrounding Bonk (BONK).