In a what is certainly a massive development for the asset, Solana (SOL) has officially flipped BNB to become the fourth-largest cryptocurrency by market cap. The flip was solidified Friday with SOL increasing by a remarkable 8.4% in the last 24 hours, according to CoinMarketCap.
The token has benefited from a consistent upswing. Over the last 30 days, those gains extend to more than 30%, as the crypto has just surpassed the $181 level. With talks about SOL potentially getting an ETF in 2025, the market looks to be banking on its potential.
Also Read: Solana: Analyst Says SOL Could Surge 900% in 2024
Solana Becomes 4th Largest Crypto by Market Cap
Cryptocurrencies have become a major talking point of 2024 thus far. With Bitcoin and Ethereum breaking down barriers in getting the first crypto-based ETF in the United States, the asset class has seen its stock steadily rise. Now, one token is looking to enter into the market’s top three for good.
Building on a strong week so far, Solana has become the fourth-largest crypto by market cap, surpassing BNB. The move makes SOL the third largest non-stablecoin behind only Bitcoin, Ethereum, and USDT. Moreover, there are many who believe its most recent surge is just the beginning.
Also Read: Ripple or Solana: 21Shares CEO Answers Which ETF is Next
Crypto analyst Ali Martinez recently took to X (formerly Twitter) to discuss the asset’s immense potential. Specifically, he noted that the asset was “looking a lot like 2021.” Moreover, he predicted that SOL could reach the $1,000 level at some point soon.
Although that is an optimistic projection, it is certainly not out of the question. The token has solidified its position alongside BTC and ETH. With VanEck and 21Shares filing for Solana ETFs, it is expected to be the next asset to get the investment vehicle. If Ethereum’s proves to be a success, the anticipation could drive SOL to massive heights.