Solana (SOL) Flips BNB, Gains 17% in 24 Hrs to Become Fourth Largest Crypto

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Jai Pratap

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Jai Pratap

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Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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December 22, 2023 00:09 EST

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The price of Solana (SOL) gained as much as 17.15% within the last 24 hours in a massive rally to become the fourth largest crypto in terms of market cap.

As of writing, SOL is trading at $98.63, boasting a market capitalization of nearly $42 billion. This surge propels Solana into the position of the fourth-largest cryptocurrency, surpassing Binance Coin (BNB), which currently stands at $41.9 billion, as per Coingecko data.

The recent rally goes beyond just increase in market capitalization, with SOL’s contract trading volume across the network witnessing a substantial 32% increase, exceeding 10 billion.

Furthermore, the open interest in SOL contracts has reached 1.34 billion, positioning Solana as the second-highest in open interest, trailing only behind Bitcoin (BTC) and Ethereum (ETH).

TVL on Solana Surges Past $1.3 Billion

According to data from DeFi Llama, the total value locked (TVL) on the Solana blockchain has surged past $1.3 billion, indicating substantial growth in DeFi activity over the last two months.

Despite the remarkable rally, there are indications of significant players liquidating their SOL supplies. Arthur Hayes, co-founder of the crypto exchange BitMEX, has publicly disclosed selling his SOL holdings and reallocating funds to Ethereum (ETH).

This strategic move aligns with the broader trend in which Solana has witnessed a surge of 700% since the beginning of the year, with a notable 5-fold increase in the last two months.

The largest cryptocurrency Bitcoin is also trading above $44,100 once again today amid recent spot ETF filing updates from top asset managers.