Solana Soars 876%. Overtakes BNB to Become Fourth Largest Crypto

• Solana has surpassed BNB, securing the position as the fourth-largest crypto by market cap.
• Solana’s TVL has surged beyond $1.36 billion, reaching levels unseen since September 2022.

In a non-stop rally, Solana (SOL) has displayed a significant 17% surge in the last 24 hours, edging closer to the $100 mark. The cryptocurrency’s market value has soared to an impressive $42.3 billion, overtaking Binance Coin (BNB) at $41.1 billion and securing its position as the fourth-largest cryptocurrency by market capitalization. 

At the time of writing, Solana traded at $99.08. This bullish trend aligns with the broader trend, as Solana has experienced a staggering 876% jump since the beginning of the year, with a huge five-fold increase in the last two months.

The momentum behind SOL extends beyond its market value, with a significant uptick in daily trading volume evident across the network. Over 24 hours, the trading volume climbed by 33%, surpassing $6 billion. At the same time, SOL’s open interest soared to $1.33 billion, positioning it as the second-highest, trailing only behind Ethereum (ETH).

These impressive metrics underscore the increased interest and confidence in SOL among investors and traders. The surge in trading volume and open interest suggests an active and engaged market, indicating a dynamic trading environment for SOL.

Solana (SOL) TVL Soared to New High

Data from DeFiLlama reveals that the total value locked (TVL) on the Solana blockchain has exceeded $1.36 billion. Over the past two months, Solana has witnessed a remarkable addition of more than $1 billion in TVL, showcasing a substantial uptick in DeFi activity on the platform. The TVL currently stands at a level not witnessed since September 2022.

Solana (SOL) Total Value Locked (Source: DeFiLlama)

Despite this remarkable rally, there are indications of significant players liquidating their SOL holdings. Notably, Arthur Hayes, co-founder of the crypto exchange BitMEX, publicly disclosed the sale of his SOL holdings, shifting funds to Ethereum (ETH). Additionally, he emphasized that Ethereum is poised to reach $5,000, expressing it as $ETH = $5,000.

Meanwhile, within less than 24 hours, a trader transformed an initial investment of $242 into $250,000 on Solana, a remarkable 1000x gain. According to the data tracker Lookonchain, the trader utilized 3 SOL ($242) to acquire 38.5 million MELON, subsequently selling 22.5 million MELON for 1,562 SOL ($143,000). The remaining 16 million MELON ($107,000) was retained in two new wallets.