BNB loses its spot to Solana – Here’s why it’s not all bad news
Journalist
Posted:
- BNB now ranks under Solana when it comes to market capitalization.
- BNB has witnessed a surge in demand prior to now 4 days.
In one other gorgeous upset, Solana [SOL] has rallied previous Binance Coin [BNB] to turn into the fourth-largest cryptocurrency by market capitalization, AMBCrypto has discovered.
This comes only a day after SOL surpassed XRP to assert the fifth spot. At press time, SOL’s market capitalization was $42 billion. BNB trailed behind it with a market cap of $41 billion.
BNB holds its personal
Though the coin has slipped in crypto rating by market cap, BNB has seen a 6% worth progress within the final 24 hours. Its buying and selling quantity has climbed by over 25% throughout the similar interval.
A take a look at the coin’s worth actions on a 24-hour chart revealed that an uptrend commenced on 18th December. It has since grown by 16%.
At press time, the coin exchanged fingers at $274, marking its highest worth stage since June, information from CoinMarketCap confirmed.
The surge in worth since 18th December has been resulting from an uptick in demand for BNB, which its key momentum indicators have precisely depicted.
The coin’s Relative Power Index (RSI) and Cash Move Index (MFI) rested at overbought highs of 69.57 at 71.49 as of this writing.
At these values, these indicators confirmed that BNB accumulation has considerably outpaced coin sell-offs amongst day by day merchants.
Confirming the surge in demand for BNB prior to now 4 days, its Accumulation Distribution Line (ADL) has since risen by 1%.
The ADL measures the underlying provide and demand of an asset, and it does this by figuring out whether or not merchants are literally shopping for or promoting the asset.
During times of robust uptrend or downtrend, the ADL strikes in the identical course as the value, confirming the present development.
At 657.97 million on the time of writing, BNB’s ADL has trended upward with its worth for the reason that worth rally started on 18th December.
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Additional, the coin’s Chaikin Cash Move (CMF) has seen a major bounce since twelfth December. At 0.33 at press time, it was noticed at its highest stage since October 2021.
Supply: BNB/USDT on TradingView
The upswing in BNB’s CMF prior to now few days exhibits that coin patrons are actively coming into the market with growing liquidity, therefore the value progress.
