Solana (SOL) has overtaken BNB to emerge as the fourth-largest cryptocurrency by market capitalization after posting a 35% rally over the past month.
SOL currently has a market capitalization of $89 billion, which is slightly higher than BNB’s market cap of $86 billion.
Solana is now the second-largest non-stablecoin after Bitcoin and Ethereum.
Despite being unseated, BNB continues to trade in the green today. The fourth-largest crypto has gained by 2.7% in the last 24 hours to trade at $593.
Solana Ranks As Fourth-Largest Crypto
Solana continues to outperform the rest of the cryptocurrency market after its recent gains. In the last week, SOL price has gained by 7.6%, making it the top gainer among the top ten largest cryptos by market cap.
SOL was trading at $191 at 04:52 a.m. EST after a 4.4% gain in 24 hours. The gains come barely a month after analysts predicted that exchange-traded fund (ETF) news and network growth would be the catalysts for the next bull run.
Solana crypto price is showing volatile price action, with the changes in the Relative Strength Index (RSI) showing a tussle between buyers and traders intending to take profits.
The RSI briefly dropped to around 31, showing that the token entered the oversold region. However, as the price held due to an influx of buyers, the RSI has crossed above, with more gains being expected. The RSI line is currently on a sharp upward momentum, further confirming the bullish thesis.
The Bollinger bands also show the possibility of more gains being on the way. SOL price has crossed from the lower band to the middle band, also known as the 20-day Simple Moving Average (SMA).
If SOL continues with these gains, the price will likely create a new yearly high in the coming days.
If Solana breaks the psychological level of $200, more gains could be on the way. SOL remains down by 26% from its all-time high of $259 created in 2021.
Solana Meme Coins Post Gains
Besides the positive reaction of the Solana price, meme coins created on the Solana network have also posted gains.
The total market cap for Solana-based meme coins has increased by 5.6% in the last 24 hours to over $9.7 billion according to CoinGecko data. These gains tend to gain whenever there is much optimism around the price of Solana.
The top-gainer among the top meme coins on Solana is Book of Meme (BOME). This token has posted a 20% gain in the last 24 hours.
DogWifHat (WIF), and Bonk (BONK) have also gained by 3% and 4.9% respectively in the last 24 hours.
MUMU THE BULL (MUMU) is the top gainer after gaining by more than 33% in the last 24 hours.
