The post Solana, BNB vie for top spot: What SOL’s lead will mean for the market appeared on BitcoinEthereumNews.com.

SOL followed BTC’s lead, jumping over 15% to flip BNB and become the fourth-largest cryptocurrency. A new ATH could be within reach if SOL holds above the $180 mark. The crypto market is buzzing, up 3% after the US elections, with Solana [SOL] stealing the spotlight, surging 15.8% and flipping Binance Coin [BNB] to become the fourth-largest cryptocurrency. With SOL breaking out above $180, analysts are eyeing a potential run towards $250. Having posted a 30.5% monthly tear, is it the one to keep an eye on? There is more to it than SOL flipping BNB Interestingly, SOL has not only dethroned BNB but has also emerged as the top performer among the top 5 altcoins, capturing significant liquidity from Bitcoin. This marks the second consecutive time Solana has been seen as one of the strongest cryptocurrencies. During Q3’s market retraces, SOL held above its breakout levels while most altcoins struggled. Additionally, SOL posted a daily gain of over 11%, slightly outperforming BTC on the day of the election results, while Ethereum posted a 4% surge. Thus, a market shift is deepening. Once the top coin attracting the most capital as BTC moved bullishly, Solana is now slowly overshadowing Ethereum. Source: CoinMarketCap Flipping BNB was a solid confirmation of this shift. If this trend holds in the long term, SOL could soon hit $100 billion in market cap, potentially targeting ETH’s position next. What are the odds? SOL’s breakout above the $180 mark represents a breakout from an 8-month consolidation range that started after SOL hit its yearly high of $202, coinciding with BTC hitting $73K. In the last 24 hours, SOL’s daily trading activity has surged by 210%, reaching $10.7 billion. Additionally, its market cap has risen by 14.66%, reaching $88.1 billion. As a result, SOL has flipped BNB,…

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Filed under: News - @ November 7, 2024 7:28 pm