Solana (SOL) has made a remarkable climb in the cryptocurrency market, surpassing BNB to claim the fourth spot on CoinMarketCap. Both SOL and BNB currently have a valuation of $84.8 billion, but SOL has a slight edge. Over the past 24 hours, SOL experienced an impressive 8% price surge, outperforming the wider market. Cryptocurrency analytics platform Santiment predicts that these two assets will now be in close competition with each other.
Solana has gained significant bullish momentum recently, thanks to a 35% price increase over the past two weeks. It is often referred to as the leading “Ethereum killer” due to its potential to rival the popular blockchain platform. Additionally, Solana has found itself at the forefront of the meme coin frenzy. Pump.fun, a meme coin generator powered by the proof-of-stake blockchain, has already launched over a million tokens on the Solana network.
Institutional adoption of Solana may also be on the rise. Investment firm VanEck has recently filed to launch a Solana-based ETF, and 21Shares has made a similar proposal. However, these products are not expected to receive approval from the Securities and Exchange Commission (SEC) this year.
Meanwhile, Bitcoin has surpassed the $68,000 mark and now has a market cap of nearly $1.35 trillion. Other major cryptocurrencies, including Dogecoin, have also experienced notable price increases during this market rally.