Overview
Despite slipping in crypto ranking by market cap, BNB has experienced a notable 6% price growth in the last 24 hours. Currently, BNB ranks below Solana in terms of market capitalization.
Market Shift: Solana Surpasses BNB
In a surprising turn of events, Solana (SOL) has surpassed Binance Coin (BNB) to become the fourth-largest cryptocurrency by market capitalization. This development follows SOL’s recent climb, overtaking XRP to claim the fifth spot. At present, SOL boasts a market capitalization of $42 billion, while BNB trails closely behind at $41 billion.
BNB Performance Amid Market Changes
Despite the shift in crypto rankings, BNB has demonstrated resilience with a 6% price growth in the last 24 hours. The coin’s trading volume has also increased by over 25% during the same period.
Examining the 24-hour price movements, an uptrend for BNB began on December 18th, resulting in a 16% overall growth. As of the latest data, BNB is trading at $274, marking its highest price level since June according to CoinMarketCap.
Key Momentum Indicators
The surge in BNB’s price is attributed to a significant uptick in demand, as reflected in key momentum indicators:
- Relative Strength Index (RSI) and Money Flow Index (MFI) are at overbought highs of 69.57 and 71.49, respectively.
- Accumulation Distribution Line (ADL) has risen by 1%, confirming increased demand for BNB in the past four days.
- Chaikin Money Flow (CMF) has experienced a substantial jump since December 12th, reaching 0.33 at press time, its highest level since October 2021.
These indicators collectively suggest that BNB accumulation has outpaced coin sell-offs among daily traders, affirming the surge in demand and the resulting price growth.
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