Binance Coin (BNB) Flips Solana As Meme Coin Momentum Shifts
The post Binance Coin (BNB) Flips Solana As Meme Coin Momentum Shifts appeared on BitcoinEthereumNews.com.
Binance Coin (BNB) price has overtaken Solana (SOL) in the crypto market capitalization, becoming the fifth-largest cryptocurrency. As of March 29th, BNB’s market capitalization has reached about $86 billion, surpassing SOL’s $64 billion. In line with this development, market experts and traders are now closely monitoring both coins to determine their next move. BNB and SOL Price Trends It is worth mentioning that the trend caused Binance Coin to experience a strong, but short term price increase, reaching around $605.50. This represented a 4.74% at its peak in 24 hours and a 13% gain over the past week. According to a recent update, MGX’s $2 billion investment in Binance came off as one of many factors contributing to this growth. Consequently, the investment boosts traders’ and investors’ sentiments, which leads to increased onchain activities. Many analysts noted that the technical indicators suggested a bullish trend, with the Relative Strength Index (RSI) at 49, indicating neutral selling pressure. Analysts speculated that BNB could soon test the $700 resistance level if the current selloff bounces off its floor price. Unfortunately, market data shows that BNB has experienced a 3.18% decline in the past day, as of this publication. BNB’s price was now trading at $605.60. SOL also saw a drastic correction, with its price declining by nearly 3% daily. The coin has further diminished its weekly gains noting a weekly 2.42% decrease. Some experts have commented that the decline has ties to decreasing memecoin activity on the Solana network. Also, controversies around the LIBRA scandal reduced investor trust and confidence in the network. These developments led some traders to shift their focus to alternative platforms like BNB Chain. Memecoin Shift and CryptoQuant’s Findings It is worth mentioning that the memecoin market witnessed a significant pivot, with activity moving from Solana to BNB…
Filed under: News - @ March 29, 2025 5:30 pm