Solana (SOL) Eyes Binance Coin's (BNB) Market Cap Rank Amid Network's Strong Showing

Solana (SOL), currently the fifth largest cryptocurrency by market cap, is around $4 billion away from flipping Binance's native token BNB

Solana (SOL) is currently the fifth largest cryptocurrency by market capitalization, trailing closely behind Binance’s native token BNB. According to recent data from CoinGecko, SOL is now around $4 billion away from flipping BNB.

Solana’s native token has seen a 4% increase in the last 24 hours, as the cryptocurrency market saw a positive Monday, largely driven by Bitcoin’s surge.

Meanwhile, BNB is up by nearly 3% in the last day, and the token has been largely outperforming other top cryptocurrencies in the last month. Binance’s native coin kicked off October at around $270, and the token closed Monday at around $320.

? Breaking Down Solana’s October Performance

Solana’s performance in October has been largely mixed, especially in the first two weeks of the month. However, the last two weeks of the “Uptober” crypto season show that the token has done relatively well.

Despite some dips below the $165 price level, the token has managed to maintain its uptrend momentum, largely outperforming other major cryptocurrencies in the top 10 ranking.

In comparison, the token saw a similar chart in September, with stagnancy during the first two weeks before picking up in the second half of the month to kickstart October on a positive note.

KEY POINTS

Solana (SOL), currently the fifth largest cryptocurrency by market cap, is around $4 billion away from flipping Binance's native token BNB amid the Solana network's continuing strong performance. Can it rise above its ranking comrade soon?

Data from CoinGecko shows that SOL has a market value of $84.9 billion, while BNB is at $88.3 billion as of early Tuesday. The token is up by 4 % in the last 24 hours, as the cryptocurrency market had a positive Monday, driven by Bitcoin's surge.

Solana's October performance hasn't been all good, especially in the first two weeks of the month. However, the last two weeks of the "Uptober" crypto season show that the token has done relatively well, holding the uptrend momentum despite some dips below $165.

In comparison, the token had a similar chart in September, with stagnancy during the first two weeks before picking up in the second half of the month to kickstart October on a positive note.

Engagement and activity within the Solana chain have helped drive SOL prices up in the past few weeks, but there have been other key drivers that may have gone unnoticed.

For instance, Standard Chartered projected earlier this month that Solana may climb 5x before the end of 2025 if Republican presidential candidate Donald Trump wins on Nov. 5. Many crypto users consider Trump as a "pro-crypto" politician, given his repeated public declarations of support for the industry.

The multinational bank's head of digital assets research, Geoff Kendrick, said he believes a Trump government will be more supportive of Solana and that a SOL exchange-traded fund (ETF) is more likely under the former president.

Aside from positive analyst outlooks, activity on the Solana network has been undeniably on the uptick in recent days. Last Monday, the trading volume on the blockchain hit nearly $1.7 billion, outperforming Ethereum and layer 2 solutions.

Solana's chance of potentially toppling Binance's BNB from the Top 4 spot is apparent, especially if the Solana network keeps up the trading momentum and if a SOL ETF is approved in the U.S.

On the other hand, it appears BNB isn't going down without a fight. Binance's native coin's October chart shows a similar pattern to that of SOL, and the token has been up by nearly 3% in the last day.

Solana (SOL) Surges, Approaching Top 4 Spot as BNB Trails Behind

Solana’s native token has seen a massive surge in the last few weeks, outperforming other major cryptocurrencies and bringing SOL closer to the top four ranking.

Currently, the cryptocurrency is around $4 billion away from overtaking Binance’s native token BNB in the top four. Data from CoinGecko shows that SOL has a market capitalization of $84.9 billion, while BNB is valued at $88.3 billion.

Solana’s token has seen a 4% increase in the last 24 hours, as the cryptocurrency market saw a positive Monday. Bitcoin surged past the $68,000 price level on Monday morning, and the flagship cryptocurrency last saw a price above $68,000 in early November 2021.

Meanwhile, BNB is also up by nearly 3% in the last 24 hours, and the token appears to be trailing behind Solana’s native token in the top five ranking. Binance’s native coin kicked off

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