Solana has now become the fourth-largest cryptocurrency token by market capitalization.
SOL has left BNB behind in the current rankings, claiming the fourth spot in the overall cryptocurrency hierarchy.
Also Read: Solana [SOL] Spikes 21% to $115, Can it Reach $130 Next?
Why is Solana rising?
As per CoinMarketCap, SOL now boasts a whopping market capitalization of $49.36 billion. In the last 24 hours, SOL has documented a notable surge of 7.39%, trading at $112.52.
The primary reason for the SOL token surge has been attributed to the approval of the Python DAO network. Decoding the reason behind SOL’s catalytic surge, it seems that the approval of Python DAO is fueling its recent surge.
The Pyth network uses the Solana Virtual Machine to connect external data sources and serves “as an aggregator for real-world contract execution.”
Also Read: Cryptocurrency: Three Coins You Must Have For 2024
It is worth noting that, despite Solana’s known history of network outages, the token has gained 19.99% in the last seven days.
While SOL surges ahead, the BNB token seems to have been struggling to maintain its pace in the cryptocurrency rankings. The token has been noting a downward trend, possibly due to Binance battling regulatory woes.
Furthermore, Binance’s CEO Changpeng Zhao’s sentencing has been pushed to late April. This can be one of the markers restricting BNB from gaining further market momentum.
Solana Smartphone Records 100,000 Pre-Orders
Solana recently announced its second smartphone. Dubbed Chapter 2, the phone has already become a huge hit among crypto fans. Statistically speaking, the smartphone has already garnered 100,000 pre-orders before its official launch. The phone’s distribution is expected to commence in 2025.
Talking about the striking success of their smartphone on X, Solana tweeted that the firm is “truly grateful” for the overwhelming response to their recent chapter 2 phone announcement.
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