Is Solana (SOL) Ready to Bounce Back After Binance Coin (BNB) Reclaimed Its Spot?

TL;DR

• Solana (SOL) has seen a value drop to $105 and a fall in market capitalization, leading to it dropping its prime 4 crypto rating to Binance Coin (BNB).
• BNB is experiencing a major rise, with a latest 25% improve in value in every week and a market cap surpassing $50 billion.
• Solana has a rebound potential resulting from its sturdy buying and selling quantity and success within the NFT market.

The Newest Shift within the Crypto Market

Probably the greatest performers prior to now a number of weeks (and all through all the yr) – Solana (SOL) – has not too long ago misplaced some floor, with its value sliding to $105 (per CoinGecko’s information) and its market capitalization dropping under the $45 billion mark.

As such, the token misplaced its place because the fourth-largest crypto asset, with Binance Coin (BNB) taking its place. 

The latter has been on a major uptrend currently, experiencing a value improve of 25% prior to now week and reaching virtually $330 (the best mark since Might 2023). As well as, its market cap has exceeded the $50 billion degree for the primary time in eight months.

Can Solana (SOL) Reply to the Assault?

It’s price noting that SOL’s latest pullback is likely to be only a minor correction, which might be adopted by one other rally within the close to future. One issue supporting that thesis is the booming buying and selling quantity on the blockchain protocol as of late. Based on DefiLlama, that determine has been nicely above $1 billion because the center of December.

The community has additionally gained traction within the non-fungible token area. Solana NFT’s gross sales quantity has exceeded $83 million prior to now seven days, outpacing Ethereum, whose determine at present stands at roughly $74 million.

The distinction between SOL’s market capitalization and BNB’s is “simply” $5 billion as of the second and it’s attention-grabbing to see which one will come on prime throughout the upcoming yr.