Solana (SOL) has witnessed a significant surge in its market value, registering an 18% increase in price over the past 24 hours. This jump has propelled Solana's market capitalization to $41.9 billion, surpassing Binance Chain’s BNB, which now stands at $41.8 billion. Currently, SOL is priced at $98.40, marking a substantial gain.
This achievement follows Solana's recent overtaking of XRP in market capitalization. Over the past week, SOL has gained more than 30%, outperforming all other major cryptocurrencies in the same timeframe. Despite being labeled as an "ETH killer," Solana still has a considerable distance to cover to match Ethereum's market cap of $269 billion.
The last time Solana held the fourth position in market cap was in November 2021, during the peak of the bull market cycle, with a market cap of $75 billion. However, the price of Solana plummeted to just below $10 by the end of 2022, mainly due to its association with the defunct FTX exchange. This recent surge signifies a robust recovery, positioning SOL as one of the year's best-performing crypto assets.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.