Solana’s SOL token has achieved a big milestone within the cryptocurrency market, surpassing Binance’s BNB token to say the place of the fourth-largest cryptocurrency by complete capitalization.
This growth comes as SOL witnessed a outstanding worth surge of twenty-two% inside 7 hours, reaching $116. In keeping with CoinMarketCap knowledge, SOL’s market capitalization stands at round $50 billion, surpassing BNB’s $49.8 billion.
Solana’s ascent to surpass BNB comes regardless of the community experiencing an outage on Feb. 6, demonstrating resilience even after struggling 5 hours of downtime, which was attributed to a bug that brought on transactions to enter an infinite loop.
Likewise, Solana TVL reached $1.92B on Wednesday, over 500% in appreciation since Oct. 2023. Solana-based DeFi protocols have been netting double-digit will increase in TVL whereas garnering reputation because of profitable airdrop campaigns.
SOL Peaks Subsequent to Concern & Greed
The surge in SOL’s worth coincides with a notable uptick within the Crypto Concern and Greed Index, which entered the “excessive greed” zone for the primary time in over two years, surpassing 74 on Tuesday.
Extra particularly, the metric is at its highest degree since November 2021, when Bitcoin peaked at $69,000. The spike additionally follows Bitcoin’s latest milestone of surpassing $50,000 for the primary time since December 2021 and subsequently exploding above $51K immediately.
Nevertheless, not all analysts and market observers share the identical bullish sentiment, primarily as a result of long-term traders are taking earnings, and looming liquidations may push promoting strain even larger.
BNB Struggling to Take Off
Whereas main cash and tokens seemingly take off, BNB has had problem gaining traction. The principle motive right here is the continued regulatory points surrounding Binance.
That, and the truth that Changpeng Zhao — at present out on a $175 million bond — is residing within the US beneath regulatory scrutiny and authorized proceedings, contributes to the uncertainty surrounding BNB’s future trajectory.
Zhao’s sentencing date has been postponed to April 30.
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