Solana (SOL) has overtaken Binance Coin (BNB) to become the fourth largest cryptocurrency in terms of market capitalization. In the past 24 hours, BNB has experienced a 3.05% drop in its market valuation, while Solana’s price has risen by 8.41%.
This latest milestone for Solana comes as the platform continues to expand its ecosystem. In fact, it recently outperformed Ethereum in terms of daily volume on decentralized exchanges, according to DefiLlama. Additionally, the Solana network has seen significant growth in meme coins throughout March.
While the overall digital asset market has experienced some downturns and price corrections recently, Solana has remained resilient and has seen exceptional growth. Its market capitalization surpassing BNB demonstrates its rising prominence in the crypto market.
Currently trading at $195, Solana’s price has been steadily increasing. It is gradually approaching the $200 mark, a level it hasn’t reached since 2021. Although it still has a long way to go before reaching its all-time high of $260, recent gains have instilled hope among investors. On the other hand, many other assets have started to decline over the weekend.