Solana (SOL) Steals the Spotlight, Surging 15.8% and Flipping Binance Coin (BNB) to Become the Fourth-Largest Cryptocurrency

The crypto market is buzzing, up 3% after the US elections, with Solana [SOL] stealing the spotlight, surging 15.8% and flipping Binance Coin [BNB] to become the fourth-largest cryptocurrency.

Solana [SOL] Surges Past Binance Coin [BNB] To Become Fourth-Largest Cryptocurrency

The crypto market surged by 3% after the conclusion of the US mid-term elections, with Solana (SOL) stealing the spotlight with a 15.8% surge, dethroning Binance Coin (BNB) to become the fourth-largest cryptocurrency.

SOL’s price broke out above the $180 mark, with analysts eyeing a potential run towards the $250 price level. Having already posted a 30.5% monthly tear, SOL was the altcoin to keep an eye on.

But there was more to the story than SOL simply flipping BNB. Interestingly, SOL has not only dethroned BNB but has also emerged as the top performer among the top 5 altcoins, capturing significant liquidity from Bitcoin.

This marks the second consecutive time Solana has been seen as one of the strongest cryptocurrencies. During Q3’s market retraces, SOL held above its breakout levels while most altcoins struggled.

Additionally, SOL posted a daily gain of over 11%, slightly outperforming BTC on the day of the election results, while Ethereum posted a 4% surge.

Thus, a market shift is deepening. Once the top coin attracting the most capital as BTC moved bullishly, Solana is now slowly overshadowing Ethereum.

Flipping BNB was a solid confirmation of this shift. If this trend holds in the long term, SOL could soon hit $100 billion in market cap, potentially targeting ETH’s position next.

SOL’s breakout above the $180 mark represented a breakout from an 8-month consolidation range that started after SOL hit its yearly high of $202, coinciding with BTC hitting $73K.

In the last 24 hours, SOL’s daily trading activity surged by 210%, reaching $10.7 billion. Additionally, its market cap rose by 14.66%, reaching $88.1 billion.

As a result, SOL flipped BNB, with its $85 billion market cap, to become the fourth-largest cryptocurrency by this metric.

With a bullish MACD crossover on the daily chart, the odds of SOL testing above its yearly high were strong.

A reclaim of the $200 mark, which hasn’t been seen since March, could propel SOL beyond its previous ATH of $260 in the coming weeks.

If this momentum continued, SOL’s market cap could potentially reach $100 billion. However, for this to materialize, BNB would likely need to underperform.

A neck-and-nock race for dominance

As BNB approaches a key resistance level at $600, it will be important to monitor its performance in the coming days.

A recent report by AMBCrypto noted a short-term bullish outlook for BNB, suggesting it is likely to consolidate within a specified range unless strong accumulation takes place.

Interestingly, this could open up an opportunity for Solana bulls to keep SOL in the fourth spot, a position that may be crucial for attracting capital amid rising market volatility.

While the current momentum is fueled by Bitcoin hitting an ATH alongside a pro-crypto majority in Congress, SOL could see a pullback if it fails to hold its support level, potentially slipping back below BNB.

Solana’s achievements in Q4 2022

In the fourth quarter of 2022, Solana has achieved several key milestones,チャートを拡大するスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスルスル