If you’ve been following the crypto charts lately, you’ve probably seen Solana (SOL) make a strong run. In the last few weeks, the Solana price jumped 35%, pushing its market value past BNB (Binance Coin) for the first time since early 2022. This rise wasn’t luck; it came from steady network growth, rising transaction volume, and strong developer momentum.
At BTCRepublic.com, we look beyond the charts to explain why Solana’s latest move matters. You’ll learn what’s behind this surge, how it compares to BNB’s slowdown, and what this shift means for investors worldwide.
Key Takeaways
| Tip | Impact |
| 1. Solana surged 35% in recent weeks | The Solana price climbed sharply, pushing its market cap ahead of BNB for the first time in nearly two years. |
| 2. Real network use fueled the growth | Daily transactions, DeFi volumes, and wallet activity all increased, showing Solana’s rally is based on genuine demand. |
| 3. Developer momentum strengthened confidence | More projects and updates rolled out in July–August, confirming that Solana’s ecosystem is expanding fast. |
| 4. BNB’s slower growth created an opening | Lower trading activity and ongoing regulatory pressure on Binance gave Solana the room to climb. |
| 5. Market sentiment turned positive | Social data and trading patterns show rising optimism among investors and builders worldwide. |
| 6. Risks remain despite the progress | Network stability and competition from other Layer-1 chains still require attention for Solana to maintain its lead. |
Facts & Original Research
The 35% rise in Solana’s price was backed by measurable growth in usage, developer activity, and trading strength, not just speculation. Below are the verified data points and insights that explain how Solana overtook BNB in both price momentum and network relevance.
- Key Takeaways
- Facts & Original Research
- Solana Ranks As Fourth-Largest Crypto
- What’s Driving the Surge?
- Network & Market Comparison
- Developer Activity & Ecosystem Growth
- Investor Sentiment
- Technical Overview
- Key Challenges & Risks
- Solana Meme Coins Post Gains
- Final Thoughts
- Frequently Asked Questions (FAQs)
1. Market Cap Shift — Solana vs. BNB
| Metric | Solana (SOL) | BNB (Binance Coin) | Change / Impact |
| Market Cap (July 2024) | $59.4 billion | $56.7 billion | Solana surpasses BNB |
| 30-Day Price Change | +35% | Traders favoured SOL | Solana outpaced BNB by 27% |
| Average Daily Volume | $4.6 billion | $1.8 billion | Traders favored SOL |
| Active Addresses | 14.8 million | 7.1 million | Nearly double BNB’s network activity |
2. On-Chain Usage and Network Metrics
| Category | June 2024 | August 2024 | Growth (%) | Source |
| Daily Transactions | 26 million | 41 million | +58% | Solana Explorer |
| Active Wallets | 9.5 million | 15.1 million | +59% | Artemis.xyz |
| DeFi Total Value Locked (TVL) | $3.6 billion | $5.8 billion | +61% | DefiLlama |
| NFT Volume | $29 million | $46 million | +59% | CryptoSlam |
| Stablecoin Transfers | $190 billion | $230 billion | +21% | AInvest Research |
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.
What’s Driving the Surge?
The latest Solana price rally came from more than just market hype; it’s tied to stronger usage and growing confidence in the network. Daily transactions, DeFi activity, and developer growth all picked up speed, pushing Solana’s market value above BNB. Picture a busy highway adding new lanes to handle extra cars; that’s Solana’s network right now. More users, smoother transactions, and active builders are fueling this climb, showing that Solana’s momentum is based on real adoption and steady technical progress, not just short-term trading.
Network & Market Comparison
The gap between Solana and BNB became clear in both usage and investor activity. Solana processed over 40 million daily transactions, far outpacing BNB’s 10 million. Its active wallet count also nearly doubled BNB’s, proving stronger community engagement. While BNB Chain slowed due to lower exchange activity, Solana gained momentum from DeFi growth and NFT volume.
In market value, Solana’s capitalisation reached $59 billion, slightly above BNB’s $56 billion, marking a symbolic but meaningful shift. The data shows that Solana isn’t just competing, it’s outperforming BNB across usage, developer return, and investor trust worldwide.
Developer Activity & Ecosystem Growth
Solana’s developer scene is once again thriving. More than 380 projects launched or relaunched in July and August, supported by Solana Foundation grants and growing venture interest. Popular apps like Jupiter, MarginFi, and Helio introduced major upgrades that attracted new users and liquidity.
Meanwhile, fresh integrations with Solana Pay and NFT marketplaces such as Tensor and Magic Eden expanded the ecosystem’s reach. These updates show that developers aren’t waiting for trends; they’re actively building tools and experiences that strengthen Solana’s position as one of the fastest-growing networks in crypto.
Investor Sentiment
Investor mood around Solana (SOL) has turned strongly positive. The 35% price rally sparked higher trading volumes on major exchanges like Binance and Coinbase, as both retail and institutional buyers joined in. Discussions across X (Twitter), Reddit, and Telegram show confidence that Solana’s network activity now matches its market value.
Many traders view this as proof that real utility drives long-term growth. Compared to BNB, Solana’s rising use in payments, NFTs, and DeFi makes it more appealing to users and developers alike. The overall tone is optimistic, grounded in data, not hype.
Technical Overview
Charts showed solid strength throughout the rally, with Solana (SOL) breaking through the $160 resistance level and holding above it for several days. This breakout confirmed a strong bullish trend, supported by rising trading volume and positive momentum indicators.
If buyers maintain control, the next resistance sits near $185, while support has formed around $145. These levels show how Solana’s market structure has strengthened, a reflection of active network usage and investor confidence rather than short-lived speculation.
Key Challenges & Risks
Despite its strong rise, Solana still faces some challenges. The network has experienced occasional outages and slowdowns, which developers are working to reduce through ongoing upgrades. Market swings also remain a factor; a sharp pullback in the broader crypto market could impact Solana’s momentum.
Competition from other Layer-1 networks like Ethereum and Avalanche keeps the pressure on. Growth looks healthy, but staying ahead will depend on stability, security, and consistent developer support across its ecosystem.
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 occur 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.
Final Thoughts
Solana’s sharp 35% rally and rise above the BNB mark a big moment for the project. With more users, stronger network traffic, and developers returning, Solana proved that utility drives value. The chain’s mix of speed, low fees, and active growth continues to win attention worldwide.
Solana’s bounce back wasn’t luck; it was built on data and demand. More users, more value. Let’s see where the next month takes it.
Frequently Asked Questions (FAQs)
Why did Solana overtake BNB in market value?
Solana’s network activity, developer growth, and trading volume surged in recent months, leading to a 35% price rally. This real usage helped its market cap rise above BNB’s for the first time since 2022.
Is Solana’s growth real or just market hype?
It’s real. Solana’s on-chain metrics, daily transactions, active wallets, and NFT trading all increased sharply. These data points show actual network demand, not short-term speculation.
How does Solana compare to BNB for investors worldwide?
Solana offers faster transaction speeds and lower fees, while BNB remains strong for exchange-based use. For global users, Solana’s broader app activity and user-driven growth make it more active right now.
Can Solana hold its lead over BNB?
It depends on consistency. If developers continue releasing tools and the network stays reliable, Solana can maintain its advantage. BNB still has strong liquidity, but Solana’s user growth gives it momentum.
Where can I track Solana’s real-time network and price data?
You can follow live stats on Solana Explorer, DefiLlama, or Token Terminal. These sites show real-time prices, transactions, and DeFi activity for both Solana and BNB.
