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SOL Token Surges, Overtakes BNB to Claim Fourth Spot in Cryptocurrency Rankings

Solana’s SOL token has overtaken Binance’s BNB token to secure the position of the fourth-largest cryptocurrency by market capitalisation.

Over the span of 24 hours leading up to 1:50 pm UTC, SOL experienced a notable surge of 7.56%, reaching a trading value of $112.52, surpassing BNB.

According to CoinMarketCap data, SOL now boasts a market capitalisation of $49.36 billion, which is 1.74% greater than BNB’s $48.5 billion.

This rise in SOL’s price coincided with the Crypto Fear and Greed Index reaching its highest level since November 2021, when Bitcoin soared to $69,000.

Notably, this index surged a day after Bitcoin exceeded $50,000 for the first time since December 2021.

Despite encountering a network outage on February 6, SOL managed to outpace BNB.

The approval of the Pyth DAO Constitution on-chain likely served as a catalyst for this rally.

The proposal aimed to establish the Pyth DAO Constitution as the governing framework for the Pyth DAO, an autonomous organisation overseeing the Pyth Network.

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Despite the recent setback, SOL has gained 19.99% over the past seven days, albeit remaining 57% lower than its all-time high of $260.06, recorded on November 6, 2021.

Solana Mobile’s Chapter 2 smartphone garnered 100,000 pre-orders by February 12, within a span of less than 30 days.

In contrast, it took Solana nearly a year to sell 20,000 units of its inaugural Solana Saga smartphones.

Following this achievement, the pre-order window for purchasing the new Solana phone for $450 is set to close on February 14, as announced by Solana Mobile.

Shipments of the smartphones are expected to commence in early 2025.

Meanwhile, BNB has been grappling with challenges amid Binance’s regulatory issues.

On February 12, the sentencing date for Binance founder Changpeng Zhao was postponed from February 23 to April 30. Zhao, currently on a $175 million bond, is residing in the United States.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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