Solana Stands Strong Above $100 as BNB Regains Market Position

After rising impressively by 120% in December, the price of Solana cooled off in the days following Christmas, during the impressive rally, Solana saw its market cap grow larger than that of Binance’s BNB.

Just after Christmas, Solana entered correction mode and began to retrace. The retrace saw Solana’s price fall below $100 before spending several hours at pre-holiday prices just above $101.

At the time of publication, Solana is changing hands for $108, still down roughly 13% from its yearly high of $123, which it reached on Dec. 26, according to data from Coinpaprika.

However, an unexpected 9% rise in the price of BNB has now seen the Binance- token beat Solana to reclaim its position as the fourth-largest cryptocurrency by market cap.

We saw several SOL-based meme coins during the Solana rally, including Bonk (BONK) and Dogwifhat (WIF). These memcoins also witnessed incredible price action over the last few weeks, posting respective gains of 650% and 123,000% between Nov. 22 and Dec. 22.

However, both meme coins have since dropped more than 50% from their all-time highs, each beginning their tumble three days before Solana reached its yearly high on Dec. 26.

Along with the massive rise in the price of Solana was a surge of trading activity on the network, which briefly saw trading volumes on SOL-based decentralized exchanges (DEXs) go higher than that of Ethereum for the first time.

Solana DEX volume has since cooled off and fallen to $1.1 billion in the last 24 hours, roughly half of Ethereum’s $2 billion volume, according to data from Defilama.

Meanwhile, Ethereum has also recently posted a 5% weekly gain, leading many traders and analysts to believe that Ether could start outperforming its competitors soon.