Solana Inches Closer to $100, Overtakes BNB in Market Cap Rankings

Since Monday, Solana (SOL) has rallied by over 45%, approaching the much-awaited $100 mark. It has flipped Binance's BNB to become the cryptocurrency with 4th largest market capitalization.

Timeline of Bnb, Solana

Bitcoin (BTC) squeaked a few percentage points higher on Monday to close the session at $37,450 before dipping back to $37,300 this morning. On the payment layer, bitcoin transaction fees have flared up again, having hit a six-month high in the past few days.

The Solana (SOL) price rally continues to be unstoppable with another 17% rally and moving extremely close to $100. As of press time, the SOL price is trading 17.15% up at $97.76 with a market cap of $41.7 billion.

Solana prices have shown some serious strength lately, rallying to their highest level since April 2022 as the network benefits from substantial activity and strong interest in memecoins.

Solana (SOL) is flying high at the moment, and from all indications, the crypto token has no intention of slowing down anytime soon as it eyes $100. This is no doubt feasible, considering the several bullish narratives that continue to build up in the Solana ecosystem.

Solana's cryptocurrency, SOL, which experienced a 94% decline in 2022, has reportedly made a comeback, attracting the attention of digital asset investors. The SOL token has surged in price by almost 800% since December 2022, Bloomberg reported Thursday (Dec. 21).

Trezor, a prominent web3 hardware wallet manufacturer, has expanded its token support, now accommodating SOL and Solana Program Library (SPL) tokens. This addition enhances the functionality of Trezor's hardware wallets, the Model T and Safe 3, as announced on the social media platform X.

In a surprising twist, the Solana token (SOL) has left the cryptocurrency market in awe with an astounding surge of over $4.8 billion in the past 24 hours. This surge has propelled Solana's market capitalization beyond the impressive milestone of $37 billion.

As the end of 2023 draws closer and optimism returns to the cryptocurrency industry, some of its assets have recorded more impressive results than others, both recently and since the year's start, including Solana (SOL), which has increased its price by over 780% this year.

Web3 wallet manufacturer Trezor has expanded its scope of offerings, now supporting Solana (SOL) and Solana Program Library (SPL) tokens. That comes as Solana witnesses increased interest from crypto players. The announcement revealed that Trezor wallets, Model T and Safe 3, are now compatible with these Solana tokens.

The Binance Coin (BNB) price is crucial as market analysts offer differing viewpoints on the cryptocurrency's potential direction. While one analyst presents a bullish case, anticipating a breakout and surge beyond $300, another raises concerns about a dip below $200.