The digital currency Solana (SOL) has made a big move, overtaking Binance Coin (BNB) in market capitalization to become the fourth-largest crypto asset.
In the last 24 hours, SOL has gained as much as 17% and is now trading at $41.61, up from $35.55. This move has allowed SOL to overtake BNB, whose price has stayed relatively flat in the same period, and has moved SOL into fourth place with a market capitalization of $12.78 billion, ahead of BNB’s $11.83 billion.
The surge is being attributed to increased adoption of the Solana protocol, along with strong technical foundations and a supportive ecosystem. It is also being suggested that the recent rise of other “Web 3.0” protocols such as Polygon (MATIC) might be having a positive impact.
The Solana protocol was created in 2017 and is a blockchain network based on “proof-of-stake” consensus. It is being used by a variety of projects, notably the Serum DEX that gives users access to multiple decentralized spot and derivatives markets.
It will be interesting to see if SOL can sustain its current fourth-place position in the coming weeks.