Neck-and-Neck Battle: Solana and Binance Coin Compete for Dominance in the Market

Solana (SOL) and Binance Coin (BNB) Competition

Since Monday, Solana (SOL) has shown an increase of over 45%, approaching the much-anticipated $100 level. Binance’s token, BNB, has become the fourth largest cryptocurrency by market value.

The SOL and BNB Competition

FTX’s collapse negatively affected the price of the Solana ecosystem and its Total Value Locked (TVL). It hit a long-term low of $8 in December last year. However, in 2023, Solana has recorded a strong recovery, nearly reclaiming the $100 milestone. Solana and BNB are in fierce competition for the fourth spot among the highest market value cryptocurrencies. Earlier today, Solana briefly overtook BNB but failed to hold its position.

Furthermore, the price of Solana reached $99.50 on Binance and fell just $0.5 short of the $100 milestone. If Solana’s price remains above $100, it is likely to secure the fourth spot firmly. At the time of writing, the market value of BNB is $41.75 billion, and that of Solana is $41.44 billion.

Historical Data on BNB

Additionally, Solana has never managed to permanently overtake Binance’s BNB in market value. CoinMarketCap’s historical data shows that Solana was in fourth place by market value when it reached its all-time high in November 2021.

However, BNB’s market value remained higher compared to Solana. On November 6, 2021, SOL’s market value was nearly $78 billion. Meanwhile, BNB’s market value reached $106 billion, which was 25% higher than SOL’s. Consequently, since Monday, Solana (SOL) has shown an increase of over 45%, approaching the $100 level. However, the collapse of FTX negatively impacted the SOL ecosystem. In the competition between SOL and Binance Coin (BNB), Solana briefly overtook BNB, but currently, BNB’s market value is a bit more prominent.