Solana (SOL) has officially overtaken Binance Coin (BNB) to claim the title of the fourth-largest cryptocurrency by market capitalization. According to real-time data from CoinMarketCap, SOL surged 15.41% in the past 24 hours, marking a significant milestone in its ongoing growth trajectory.
This achievement underscores Solana’s increasing prominence in the digital asset landscape, driven by strong on-chain activity, rising user adoption, and growing investor confidence. With its high-speed blockchain infrastructure and expanding ecosystem, Solana is now firmly positioned among the top-tier cryptocurrencies.
SOL Outperforms BNB with Strong Price Momentum
In the last 24 hours, SOL climbed 15.28%, adding to a modest 2% gain over the past seven days. As of this writing, SOL is trading at $184.30**, with a market cap of **$8.67 billion and a 24-hour trading volume of $650 million.
This rally has allowed Solana to surpass Binance Coin (BNB), which saw a more muted performance. BNB rose only 3.38% in the same period but declined 4.45% over the past week. Currently priced at $575.82**, BNB holds a market cap of **$8.29 billion, placing it just behind SOL.
Despite Bitcoin’s all-time high near $75,000, the current Crypto Fear & Greed Index sits at a neutral 54, suggesting balanced market sentiment. Notably, Solana achieved this flip against BNB even after facing a major network outage on February 6 — a testament to its resilience and long-term appeal.
Rising On-Chain Activity Fuels Solana's Growth
Solana’s recent success isn’t just reflected in price — it’s backed by tangible increases in on-chain economic activity. According to Blockworks Research, Solana’s Realized Economic Value (REV), which includes transaction fees and MEV (Maximal Extractable Value) tips, hit an all-time high of $11.09 million on October 24.
This marked the peak of a four-day upward trend starting October 20. Although the average has since settled around $5 million over the past five days, it remains significantly higher than pre-mid-October levels, indicating sustained demand and usage.
"The surge in REV reflects stronger user engagement and validator incentives — key signs of a healthy, growing blockchain." – Blockchain Analyst
Solana Overtakes Ethereum in Daily Network Fees
One of the most striking developments is Solana surpassing Ethereum in daily network fee generation — albeit briefly — according to data from DeFi Llama.
The surge was largely driven by increased activity on Raydium, Solana’s leading decentralized exchange (DEX). In just 24 hours, Raydium generated over $3 million** in platform revenue, with **$2.42 million coming directly from swap fees.
While Ethereum has since reclaimed the top spot, the competition is tight:
- Solana: Generated $2.51 million** in fees and **$1.25 million in revenue over 24 hours.
- Ethereum: Recorded $2.72 million** in gas fees and **$1.81 million in protocol revenue.
Ethereum still leads in stablecoin dominance (ranking third after Tether and Circle ecosystems), but Solana’s fee performance highlights its scalability advantage and growing DeFi appeal.
Liquidity Staking Platforms Show Ecosystem Maturity
The strength of a blockchain ecosystem can also be measured by its staking infrastructure. Two leading platforms — Jito on Solana and Lido on Ethereum — offer insights into investor behavior and yield opportunities.
Over the past 24 hours:
- Jito (Solana): Distributed $2.67 million** in staking rewards and generated **$107,000 in revenue, with a market cap of $288.4 million.
- Lido (Ethereum): Paid out $2.12 million** in rewards and earned **$211,000 in revenue, valued at $936.68 million.
While Lido remains larger in scale, Jito’s strong reward distribution signals robust participation in Solana’s liquid staking economy — a critical component for long-term network security and decentralization.
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Key Factors Behind Solana’s Rise
Several macro and micro factors have contributed to Solana’s ascent:
- High-Performance Infrastructure: With sub-second finality and low transaction costs, Solana supports high-frequency applications like NFT mints, DEX trading, and gaming.
- Expanding Ecosystem: Projects like Jupiter, Orca, Tensor, and Backpack are driving innovation and user acquisition.
- Institutional Interest: Increasing inflows into Solana-based ETFs and custody solutions signal growing institutional trust.
- Developer Momentum: Hackathons, grants, and tooling improvements continue to attract builders to the network.
These elements combine to form a powerful feedback loop: more users attract more developers, which leads to better products and further adoption.
Frequently Asked Questions (FAQ)
Q: Why did Solana surpass BNB in market cap?
A: Solana outperformed due to stronger price appreciation, rising on-chain activity, and increased investor confidence in its scalable blockchain technology — even amid past network issues.
Q: Is Solana faster than Ethereum?
A: Yes. Solana processes up to 65,000 transactions per second (TPS) with near-instant finality, while Ethereum averages 15–30 TPS post-upgrades.
Q: Can Solana maintain its position as the fourth-largest crypto?
A: Continued ecosystem growth, developer support, and stable network performance will be key. If current trends hold, Solana is well-positioned for long-term sustainability.
Q: What drives Solana’s transaction fee revenue?
A: Primary contributors include decentralized exchanges (like Raydium), NFT marketplaces, and DeFi protocols that generate fees from swaps, mints, and lending activities.
Q: How does real-world usage affect Solana’s value?
A: Higher usage increases demand for SOL (for fees and staking), strengthens network security, and improves investor sentiment — all of which support price growth.
Looking Ahead: What’s Next for Solana?
As we move deeper into 2025, Solana is poised to challenge established players not just in market cap but in real utility. With ongoing upgrades like Firedancer (a new validator client aimed at improving reliability), enhanced cross-chain interoperability, and rising retail and institutional adoption, the network is building momentum for broader mainstream integration.
Moreover, seasonal trends such as increased Q4 crypto activity and potential regulatory clarity could further boost investor interest.
👉 Stay ahead of the curve by tracking real-time blockchain metrics and emerging crypto leaders.
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