Solana （SOL） surpasses Binance’s BNB to become the fourth-largest cryptocurrency by market cap, driven by strong institutional interest and recent price surges.
Points
- Solana surpasses BNB to become the fourth-largest cryptocurrency.
- SOL price reaches $185 with a market cap of $86.23 billion.
- Institutional interest and potential ETF approvals boost SOL.
Solana （SOL） has managed to climb to the fourth spot on CoinMarketCap, surpassing Binance’s BNB. The two major cryptocurrencies are both currently valued at $86.23 billion, with SOL having a slight edge due to recent price surges.
Institutional Support and Market Performance
Solana’s rise can be attributed to strong institutional interest and the approval and launch of spot Ethereum ETFs, which have opened up possibilities for similar investment opportunities in other altcoins like Solana. According to cryptocurrency analytics platform Santiment, Solana saw the highest inflows among altcoins, with $9.6 million in the week ending July 20, far surpassing Litecoin’s $2.2 million.
SOL Price Surge and Technical Analysis
SOL’s price soared by 8% over the past 24 hours, significantly outperforming the broader market. Solana is currently trading at $185, with a market cap of $86.23 billion. The token has enjoyed bullish momentum following a 35% price jump over the past two weeks.
Solana found itself at the center of the recent meme coin bonanza, with Pump.fun, a meme coin generator powered by the Solana blockchain, launching over a million tokens. This activity has contributed to Solana’s bullish trend and growing market interest.
Potential for Growing Institutional Adoption
The fourth-largest cryptocurrency might also start seeing increased institutional adoption. Investment firm VanEck recently filed to launch a spot Solana-based ETF, with 21Shares joining the fray with a similar proposal. Although these products are unlikely to see SEC approval this year, they indicate a growing interest in Solana from institutional investors.
With Bitcoin surpassing the $68,000 level and the broader market rallying, Solana’s continued bullish momentum and institutional support position it as a significant player in the cryptocurrency space.