- SOL claims the fourth spot, surpassing BNB in market capitalization.
- BNB showcases a remarkable 6% price growth and increased trading volume.
- Key momentum indicators reveal strong demand for BNB, highlighting its market strength.
Solana (SOL) has catapulted past Binance Coin (BNB) to secure the fourth position in the cryptocurrency market capitalization rankings, marking another significant shift in the dynamic crypto landscape.
Just a day after surpassing XRP to clinch the fifth spot, SOL now boasts a market capitalization of $42 billion, with BNB trailing closely at $41 billion. While this may signal a change in the hierarchy, a closer look at BNB’s performance suggests that it’s not all bad news for the popular cryptocurrency.
Despite slipping in market cap ranking, BNB has demonstrated resilience, exhibiting a 6% price growth within the last 24 hours. Moreover, its trading volume has surged by over 25% during the same period.
Analyzing the 24-hour price chart, an upward trend for BNB emerged on December 18, resulting in a commendable 16% growth. At the time of reporting, the coin was exchanging hands at $274, marking its highest price level since June, as per CoinMarketCap data.
The surge in price can be attributed to a spike in demand for BNB, supported by key momentum indicators. The Relative Strength Index (RSI) and Money Flow Index (MFI) currently sit at overbought highs of 69.57 and 71.49, respectively. These values indicate that BNB accumulation has outpaced coin sell-offs among daily traders.
Confirming the heightened demand, the Accumulation Distribution Line (ADL) for BNB has risen by 1%. The ADL, which gauges the underlying supply and demand dynamics, aligns with the current uptrend, reaching 657.97 million at the time of writing.
Notably, BNB’s Chaikin Money Flow (CMF) has witnessed a substantial increase since December 12, reaching 0.33 at present—the highest level since October 2021. This surge in CMF implies that buyers are actively entering the market with growing liquidity, contributing to the coin’s upward price trajectory.
While Solana’s rise marks a shift in the crypto rankings, Binance Coin’s robust performance and sustained demand showcase its resilience amidst market fluctuations. The crypto community now eagerly awaits how these developments will shape the ongoing competition for dominance among digital assets.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.