Solana Closes the Gap on BNB’s Market Cap
Recent market indicators suggest that Solana (SOL) is making significant strides towards flipping Binance Coin (BNB) in terms of market capitalization.
Analysts believe that SOL’s rally may continue, while BNB might experience a price correction. According to CoinMarketCap, Solana’s value has surged by more than 125% in the last seven days, positioning it as one of the highest gainers among top altcoins.
As of now, SOL is trading at $109.06 with a market cap exceeding $47.6 billion, making it the fifth-largest cryptocurrency. The recent uptrend has narrowed the gap between SOL and BNB’s market cap to 600 million.
If this gaining spree persists, SOL could potentially overtake BNB, securing its position as the fourth-largest cryptocurrency by market cap.
Will Solana Flip BNB?
AMBCrypto conducted an analysis of Solana’s daily chart to assess whether SOL would maintain its bullish momentum. Notably, SOL’s MACD indicated that the bulls were leading the market. Both its Relative Strength Index (RSI) and Chaikin Money Flow (CMF) showed upticks, suggesting a high probability of continued upward price movement.
- SOL’s Binance Funding Rate, according to Santiment’s data, was green, indicating active buying from derivatives investors.
- Open Interest increased alongside the price, signaling a potential continuation of the current price trend.
Considering these factors, the outlook for Solana in the derivatives market appears bullish.
What is BNB Up To?
Examining BNB’s state is crucial for a comprehensive understanding of the market dynamics. Despite BNB’s weekly chart showing positive growth, the rate was not as high as that of SOL.
At the time of writing, BNB was up by over 7% in the last seven days, trading at $323.61 with a market cap exceeding $48 billion. Surprisingly, despite the price uptrend, sentiment around the coin turned bearish, as indicated by Santiment’s data showing a sharp drop in BNB’s Weighted Sentiment on February 10th.
AMBCrypto then analyzed BNB’s daily chart to assess the likelihood of a price correction. The upper limit of the Bollinger bands and a slight downtick in the Money Flow Index (MFI) suggested a possible correction. On the contrary, BNB’s Chaikin Money Flow (CMF) remained bullish, raising the possibility of Solana overtaking BNB in the near future.
Considering the inherent unpredictability of the crypto market, the upcoming week will be interesting to observe as both SOL and BNB navigate their respective paths.
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