Solana’s SOL Token Surpasses Binance’s BNB to Claim Fourth Spot in Crypto Market Cap

Despite a recent network outage, Solana’s SOL token has managed to outperform Binance’s BNB token, becoming the fourth-largest cryptocurrency by market capitalization.

Solana’s SOL token has ascended to the fourth position in the cryptocurrency market cap rankings, surpassing Binance’s BNB token.

According to CoinMarketCap data, SOL’s market cap of $49.36 billion is now 1.74% larger than BNB’s $48.5 billion. SOL experienced a 7.56% increase in value over the 24 hours leading up to 1:50 pm UTC, trading at $112.52 and outpacing BNB.

Interestingly, SOL’s rise comes in the wake of a network outage on Solana on February 6. The rally was likely driven by the on-chain approval of the Pyth DAO Constitution, a proposal aimed at establishing the Pyth DAO Constitution as the decision-making framework for the Pyth DAO, the decentralized autonomous organization that governs the Pyth Network.

The surge in SOL’s price coincided with the Crypto Fear and Greed Index reaching its highest level since November 2021, when Bitcoin hit $69,000. This spike in the index occurred a day after Bitcoin crossed the $50,000 mark for the first time since December 2021.

Despite the recent network outage, SOL has seen a 19.99% increase over the past week. However, it is still 57% below its all-time high of $260.06, which was recorded on November 6, 2021.

Meanwhile, BNB has been facing difficulties gaining momentum due to ongoing regulatory issues with Binance. The sentencing date for Binance founder Changpeng Zhao, originally scheduled for February 23, has been postponed to April 30. Zhao, who is currently out on a $175 million bond, is residing in the United States.