Binance Coin (BNB) and Solana (SOL), currently among the top-performing cryptocurrencies, show competitive performances. Moreover, at this point, Solana price looks bullish on long-term time-frames.
While BNB is still ahead in the market cap hierarchy, Solana shows strong bullish signals, indicating it could soon outperform BNB.
Solana’s market capitalization closely rivals that of BNB. Moreover, heightened discussions surround a potential Solana ETF, an offering that might change the game.
The Tightening SOL and BNB Market Caps
Binance Coin (BNB) is trading as the fifth-largest cryptocurrency by market capitalization, valued at $99.61 billion.
Solana (SOL) comes behind with a market cap of $95.3 billion. With only about $3 billion differentials between the market capitalization of these digital assets, a crypto market resurgence could push Solana price above BNB.
As of this writing, BNB is changing hands between the $688 and $690 levels. In the last 24 hours, BNB’s price has declined by 3.04%. Investors’ interest in the coin has also decreased, as seen by the declining daily trading volume.
– Advertisement –
Similarly, Solana’s price has decreased by 6.3% in the last 24 hours to trade at $195.3. However, the 24-hour trading volume is over 24%, suggesting investors’ growing willingness to accumulate the altcoin.
It is important to note that decreasing prices in both BNB and Solana mirrors a broader bearish market sentiment.
Bitcoin (BTC), the flagship cryptocurrency, has lost its recent gains and currently trades at $94,508. Dogecoin (DOGE) and Shiba Inu (SHIB), the two largest memecoins, also posted double-digit losses.
Solana Price Attractiveness and SOL ETF Advantage
Despite the ongoing market downturn, positive odds around Solana make it attractive to traders and investors. Some factors include its memecoins ecosystem, Solana ETF expectations, and optimistic forecasts.
Many venture capital and hedge funds have made bold predictions for Solana in 2025. VanEck, for instance, predicts a long-term target of $500 by the end of this year.
23.2% of respondents who participated in a recent survey believe SOL will breach the $300 mark in the second half of 2025.
The survey interviewed 76 top liquid funds and venture allocators in the crypto market. Half were venture capital funds, and 21.7% were hedge funds.
In a more bullish prediction, crypto expert Solana_king on X believes the altcoin can rally toward $1,000.
Memecoins like Dogwifhat (WIF), BONK), and WEN, built on the Solana blockchain, are gaining increased attention. These memecoins offer a fun, speculative twist to trading and offer investors quick investment returns.
Expectations for a Solana ETF catalyze public enthusiasm around the crypto. Assets investment managers, including Bitwise and VanEck, have SOL ETF filings with the SEC, boosting optimism for institutional adoption.
How the Market Might Skew in SOL’s Favor
Solana recently broke through a major descending trendline, suggesting that its price action may be about to reverse.
This breakout might open the door for a rally toward the next resistance level at $240. However, this depends on Solana’s ability to break above the 50 EMA.
Solana appears bullish on long-term time-frames. The strongest resistance level has suppressed the SOL rally for over four years.
Therefore, it is necessary to hold above its November 2021 high of over $250 for Solana to skyrocket.
