In a remarkable turn of events, Solana (SOL) has surged 18% in the past 24 hours, propelling the cryptocurrency to the fourth position in market capitalization. This marks the first time SOL has held this spot in over two years, surpassing Binance Chain’s BNB. The latest surge has elevated Solana’s market cap to $41.9 billion, surpassing BNB’s $41.8 billion. SOL is presently valued at $98.40, showcasing an impressive 18% gain in a single day.
Solana’s Spectacular Week
Solana’s surge isn’t limited to a day; it has witnessed a remarkable 30% gain over the past week, outperforming other major cryptocurrencies. Despite being hailed as an “ETH killer,” Solana still has ground to cover to match Ethereum’s towering market cap of $269 billion.
SOLANA FLIPPED BNB pic.twitter.com/ISdrnGfoTb
— borovik.eth (@3orovik) December 22, 2023Â
A Year of Resurgence for Solana
Revisiting its glory from November 2021, Solana had previously occupied the fourth position during the peak of the bull market with a market cap of $75 billion, trailing behind BNB at $108 billion. However, the landscape changed, and Solana closed 2022 at just below $10. A year later, SOL has staged an impressive comeback, surging to almost $100 and establishing itself as one of the top-performing assets of the year.
Solana vs. Ethereum search trends in the United States. Source: Google Trends
Google Trends Reflects Surge in Solana Searches
The surge in Solana’s popularity is evident in market metrics and Google Trends, with searches for Solana nearly rivaling those for Ethereum in the United States.
Top 10 cryptocurrencies by market cap. Source:Â CoinGecko
Despite the celebratory mood at Solana’s “Solana Solstice” event, technical analysts are issuing warnings of a potential major crash before the year concludes.
Solana Reflects on a Pivotal Year Amidst Market Resurgence
On December 21, the Solana team marked the year in its “Solana Solstice” celebration, highlighting key events such as the Bonk (BONK) hype, the Saga mobile device launch, artificial intelligence integration, and strategic institutional partnerships. Solana’s resurgence in 2023 positions it as a standout performer in the cryptocurrency landscape.
