Solana dethrones BNB, ranks fourth largest cryptocurrency with 100% monthly gains for SOL holders
Source Fxstreet
- Solana price rallied nearly 50% in the past week, replacing BNB as the fourth largest asset by market capitalization.
- SOL outperformed BTC and ETH in trade volume on one of the largest crypto exchanges, Coinbase.
- SOL price crossed $100 on December 23, hitting the $109.28 level on Sunday.
Solana sustained its recent gains over the weekend, crossing the psychological barrier of $100. SOL outperformed the largest cryptocurrencies by market capitalization and ranked fourth, as seen in CoinGecko data.
Also read: Optimism price could suffer a correction as on-chain metrics turn bearish
Solana ranks fourth in market capitalization
Solana, Ethereum alternative and the fourth largest asset by market capitalization rallied past BNB and XRP, with its increasing price. SOL price climbed 50% in the past week and 100% in the last month, the asset’s market capitalization hit $47 billion.
SOL price hit a new local peak of $118 on December 24. The Ethereum killer asset now rivals or surpasses Ethereum across decentralized exchange volumes, NFT volumes, active addresses, transaction count, stablecoin transfers. However, Ethereum supporters argue that Solana is not decentralized.
Ryan Watkins, co-founder of Syncracy Capital argues that Solana has nearly 40% the amount of nodes as Ethereum, they’re only five times more expensive to run. Watkins believes Solana’s transaction cost and throughput is likely worth the trade off.
Watkins argues that Solana needs to continue decentralizing its developer ecosystem, while the asset develops other aspects of its chain.
SOL price is $110.24 at the time of writing on Binance.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant.
The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
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