Solana (SOL), currently the fifth-largest cryptocurrency by market cap, is approximately $4 billion short of surpassing Binance’s native token (BNB). Recent data from CoinGecko shows SOL’s market value at $849 billion, compared to BNB’s $883 billion, as of Tuesday morning. SOL has seen a 4% increase in the last 24 hours, reflecting a broader positive trend in the cryptocurrency market following Bitcoin’s surge.
While Solana faced challenges in early October, the last two weeks have shown a recovery, maintaining an upward trajectory despite some fluctuations below $165. A similar pattern was observed in September, with SOL gaining momentum in the latter half of the month.
Key factors contributing to SOL’s rise include increased engagement on the Solana network and forecasts suggesting potential growth. Notably, Standard Chartered has projected that Solana could grow fivefold by the end of 2025, particularly if Donald Trump wins the presidential election on November 5, as his pro-crypto stance could nurture a favorable environment for Solana, including the possibility of a SOL exchange-traded fund (ETF).
The path for Solana to potentially overtake BNB appears promising if current trading momentum continues and a SOL ETF gains approval in the U.S. However, Binance’s BNB is also showing resilience, having risen nearly 3% in the same period.
