Solana tussles with BNB to become 4th largest cryptocurrency

Solana (SOL) surged by over 11% in the last 7 days and became the 4th largest cryptocurrency by market capitalization before BNB reclaimed that spot. SOL has recorded a massive recovery over the last month outperforming major cryptocurrencies like Bitcoin (BTC) and Ether (ETH).

BNB has seen a marginal decline over the last week while it managed to rise by 0.8% in the past 30 days. On the other hand, SOL price spiked by 25% over the last 30 days breaching the $188 barrier.

Solana became the 4th biggest cryptocurrency with a market cap of $86 billion but for just a few hours. After that, BNB reclaimed the 4th spot again.

Solana’s market cap is currently at $84,681,670,021, whereas BNB’s market cap stands at $85,352,143,589.

Solana bears bleed as its price surges by 3% within 24 hours

Data provided by Coinglass shows that more than $5 million worth of long and short positions set on Solana price action liquidated over the last 24 hours. Around $4.5 million worth of short bets (84%) got liquidated. The single largest short Liquidation was $560K at $186.

This suggests that traders were expecting a price dip, while Solana surged by 3% in the last 24 hours. Its 24 hour trading volume is down by 33% to stand at $2.26 billion. SOL is trading at an average price of $182.07, at the press time.

BNB saw some turbulence filled 2nd quarter as it is price dipped by 2.25% in the last 90 days. It is still up by 88% on the year-to-date (YTD) basis. BNB is trading at an average price of $584 with a market cap of $85.3 billion.

Is SOL ETF coming next?

Spot Ethereum exchange-traded fund (ETF) now trading for nearly a week. Investors are eagerly anticipating which crypto would be the next to enter the ETFs’ zone.

Asset management giant VanEck dropped a hinting at a spot Solana ETF. It posted that a surprising amount of people asked them about Solana at their Bitcoin booth to which SOL replied “Nice”. VanEck had already filed for a SOL ETF in June, suggesting liquidity won’t impede SEC approval.

A surprising amount of people asked us about Solana at our Bitcoin booth

— VanEck (@vaneck_us) July 27, 2024

Solana-based meme tokens are booming

Solana-based meme tokens’ surge has shattered all the records, boosting SOL’s ecosystem. dogwifhat price skyrocketed by 1600%, while, BONK jumped by 118%  on the YTD basis beating the biggest of the meme coins.

WIF managed to keep up the momentum as it dropped by marginally over the last 24 hours while surging by 22% in the last 30 days. dogwifhat is trading at an average price of $2.59 with a market cap of $2.5 billion. BONK is also holding a market cap of more than $2 billion.

Ripple’s XRP is the only token in the top 50 cryptos that has outperformed Solana. XRP surged by 27% in the last 30 days showcasing a much anticipated bullish move. Ripple’s native crypto is still down by 2% on a YTD basis. XRP is trading at an average price of $0.59, at the press time.