Solana (SOL) has managed to climb to fourth spot on CoinMarketCap after surpassing BNB. The two major cryptocurrencies are both currently valued at $84.8 billion, with SOL having a slight edge.
The price of SOL soared by 8% over the past 24 hours, significantly outperforming the broader market.
According to cryptocurrency analytics platform Santiment, the two aforementioned assets are now expected to be in "close proximity" to each other.
Arman ShirinyanThat said, Solana, which is considered to be the leading "Ethereum killer," is currently enjoying bullish momentum following its 35% price jump that occurred over the past two weeks.
Solana found itself at the center of the recent meme coin bonanza. Pump.fun, a meme coin generator powered by the popular proof-of-stake blockchain, has already helped to launch over a million tokens.
The fourth-largest cryptocurrency might also start seeing growing institutional adoption. As reported by U.Today, investment firm VanEck recently filed to launch a spot Solana-based ETF. 21Shares went on to join the fray with a similar proposal. However, these products are highly unlikely to see the SEC's green light this year.
A broader market rally
In the meantime, Bitcoin has surpassed the $68,000 level, with its market cap swelling to nearly $1.35 trillion.
Other major cryptocurrencies are also in the greed. Dogecoin, the leading meme coin, recorded a double-digit price jump.
Vladislav Sopov
Dan Burgin