In a surprising turn of events, Solana (SOL) has overtaken Binance Coin (BNB) to secure the fourth position in the cryptocurrency market by market capitalization, as reported by AMBCrypto. This comes on the heels of SOL surpassing XRP just a day earlier, highlighting the dynamic nature of the crypto market.
Market Capitalization Battle
As of the latest data, Solana boasts a market capitalization of $42 billion, surpassing BNB, which trails behind with a market cap of $41 billion.
Despite the shift in market cap rankings, BNB has demonstrated resilience with a notable 6% price growth in the last 24 hours. Additionally, its trading volume has surged by over 25% during the same period.
Examining the 24-hour price chart, an upward trend has been evident since December 18th, resulting in a 16% overall growth. At the time of writing, BNB is priced at $274, marking its highest level since June, according to data from CoinMarketCap.
The surge in BNB’s price is attributed to increased demand, as indicated by key momentum indicators. The Relative Strength Index (RSI) and Money Flow Index (MFI) currently stand at overbought highs of 69.57 and 71.49, respectively.
These values suggest that BNB accumulation has outpaced coin sell-offs among daily traders. Confirming the heightened demand, BNB’s Accumulation Distribution Line (ADL) has risen by 1% over the past four days, reaching 657.97 million at the time of writing.
The ADL, which measures the underlying supply and demand of an asset, moves in the same direction as the price during strong uptrends or downtrends, confirming the current trend.
Chaikin Money Flow (CMF)
Further supporting the positive trend, BNB’s Chaikin Money Flow (CMF) has experienced a significant jump since December 12th. At 0.33 as of now, it is at its highest level since October 2021.
The upswing in BNB’s CMF indicates that coin buyers are actively entering the market with increasing liquidity, contributing to the observed price growth.