Solana

Bonk

Coin

<p>In recent events, <a href="https://www.cryptopolitan.com/solana-sol-takes-a-dive-this-is-why/">Solana</a> (SOL) has relinquished its status as the fourth-largest cryptocurrency by market capitalization, with Binance Coin (BNB) surging ahead. Despite a remarkable 120% monthly rally in December, which catapulted Solana’s market cap above Binance’s BNB, the cryptocurrency experienced a price drop following Christmas.&nbsp;</p> 
<p>Solana’s SOL token, which reached an all-time high of $123 on December 26, has now dipped below the $100 mark, currently trading at $105. Simultaneously, BNB has witnessed an unexpected 9% uptick in its price, allowing it to reclaim its position as the fourth-largest cryptocurrency by market cap, with a value of $319.</p> 
<h2 class="wp-block-heading" id="solana-s-price-volatility">Solana’s price volatility</h2> 
<p>The recent volatility in Solana’s price has been a subject of interest for cryptocurrency enthusiasts and investors. Despite the impressive rally in December, Solana experienced a retracement that saw its price fall below $100, followed by a brief period at just above $101. This downturn in Solana’s price, representing a 14% decrease from its yearly high, has raised questions about the sustainability of its earlier gains.</p> 
<p>Solana’s December impacted its price and cascaded effect on SOL-based memecoins. Examples include Bonk (BONK) and Dogwifhat (WIF), which witnessed incredible price action between November 22 and December 22, posting gains of 650% and a staggering 123,000%, respectively.&nbsp;</p> 
<p>However, in a parallel move to <a href="https://www.tradingview.com/symbols/SOLUSD/" target="_blank" rel="noopener">Solana’s</a> retracement, both memecoins have since retraced, with declines exceeding 50% from their all-time highs. Interestingly, this decline started three days before Solana’s yearly high on December 26, raising questions about the interconnectedness of these assets.</p> 
<h2 class="wp-block-heading" id="trading-activity-on-the-solana-network">Trading activity on the Solana network</h2> 
<p>One of the significant outcomes of Solana’s price surge was a substantial influx of trading activity on the Solana network. For a brief period, trading volumes on SOL-based decentralized exchanges (DEXs) even eclipsed those on the Ethereum network, marking a notable milestone.&nbsp;</p> 
<p>However, as of now, Solana DEX volume has cooled off, amounting to $1.1 billion in the last 24 hours, approximately half of Ethereum’s $2 billion trading volume during the same period, as per DefiLlama data.</p> 
<h2 class="wp-block-heading" id="ethereum-s-resurgence">Ethereum’s resurgence</h2> 
<p>While Solana’s rise and subsequent retracement have garnered significant attention, <a href="https://www.cryptopolitan.com/ethereum-price-prediction/">Ethereum</a> (ETH) has moved in the cryptocurrency market. Ethereum recently posted a 5% weekly gain, attracting the interest of traders and analysts who speculate that it might be gearing up to outperform its competitors. With Ethereum’s current price at $2,368, it remains a strong contender in the crypto space.</p>

Solana loses fourth-largest cryptocurrency position to Binance’s BNB

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