Solana’s native token, SOL, has climbed the ranks to become the fourth-largest cryptocurrency by market capitalization, overtaking Binance Coin (BNB). Despite facing a major network outage on February 6, Solana’s resilience and a notable price surge have propelled it ahead in the highly competitive crypto market.
SOL Token’s Ascendancy and Market Cap Triumph
Solana’s SOL token experienced a remarkable 7.56% increase in the 24 hours leading up to 1:50 pm UTC, trading at $112.52. This surge led to a market capitalization of $49.36 billion, surpassing BNB’s $48.5 billion. The achievement is particularly noteworthy considering Solana’s recent network outage, showcasing the crypto’s underlying strength.
Despite the setback, the SOL token gained an impressive 19.99% in the past seven days. However, it is important to note that SOL is currently trading at 57% below its all-time high of $260.06, recorded on November 6, 2021. The resilience displayed amid challenges speaks to Solana’s growing prominence in the cryptocurrency landscape.
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Solana Mobile’s Chapter 2 Success and Implications
Further boosting Solana’s momentum is the success of Solana Mobile’s Chapter 2 smartphone, which garnered 100,000 preorders in less than 30 days. This achievement is a stark contrast to the initial Solana Saga smartphones, which took almost a year to reach 20,000 preorders. The pre-order window for the new Solana phone, priced at $450, is set to close on February 14, with shipping expected to commence in early 2025.
Meanwhile, Binance Coin (BNB) has been grappling with regulatory challenges, impacting its market performance. The postponement of Binance founder Changpeng Zhao’s sentencing date to April 30 further adds to the uncertainties surrounding the BNB token. Zhao, currently out on a $175 million bond and residing in the U.S., faces ongoing legal hurdles.
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Conclusion
Solana’s ascent to the fourth-largest cryptocurrency by market capitalization, despite recent network challenges, underscores its resilience and growing influence in the crypto space. The successful pre-orders of Solana Mobile’s Chapter 2 smartphone add another layer of optimism. As Solana continues to make strides, Binance Coin’s struggles amid regulatory uncertainties highlight the evolving dynamics in the cryptocurrency market. Investors and enthusiasts alike will be closely watching how these developments shape the future landscape of the digital asset ecosystem.
