Solana’s SOL Token Surpasses Binance’s BNB to Become the Fourth-Largest Cryptocurrency
Solana’s SOL token has achieved a significant milestone by surpassing Binance’s BNB token to claim the position of the fourth-largest cryptocurrency by total capitalization. SOL witnessed a remarkable price surge of 22% within 7 hours, reaching $116. Its market capitalization stands at around $50 billion, surpassing BNB’s $49.8 billion.
Solana Shows Resilience Despite Network Outage
Despite experiencing an outage on Feb. 6, Solana has shown resilience. The network suffered five hours of downtime due to a bug causing transactions to enter an infinite loop. However, this setback did not hinder its rise in the market.
Solana-based DeFi protocols have also been gaining popularity and achieving double-digit increases in total value locked (TVL) thanks to successful airdrop campaigns.
SOL Peaks Alongside Crypto Fear and Greed Index
The surge in SOL’s price coincides with the Crypto Fear and Greed Index entering the “extreme greed” zone for the first time in over two years. The index surpassed 74 on Tuesday, reaching its highest level since November 2021 when Bitcoin peaked at $69,000.
However, some analysts remain cautious as long-term investors take profits and looming liquidations could increase selling pressure.
BNB Struggles Due to Regulatory Issues
While other major coins and tokens are performing well, BNB has faced difficulties gaining traction. The ongoing regulatory issues surrounding Binance, coupled with CEO Changpeng Zhao’s legal proceedings and regulatory scrutiny while residing in the US, contribute to uncertainty surrounding BNB’s future trajectory. Zhao’s sentencing date has been postponed to April 30.
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