- Market indicators indicated that the SOL rally might proceed.
- Conversely, BNB might witness a value correction.
In accordance with CoinMarketCapOver the previous seven days, Solana’s worth has risen by greater than 125%, making it one of many fastest-growing prime altcoins.
On the time of writing, SOL was buying and selling at $109.06 with a market capitalization of over $47.6 billion, making it the fifth largest cryptocurrency.
Given this current uptrend, the distinction between SOL and Binance Coin [BNB] market capitalization fell to 600 million.
If this progress continues, SOL might quickly make BNB the fourth largest cryptocurrency by market capitalization.
Will Solana Flip BNB?
AMBCrypto checked Solana’s each day chart to see if SOL will proceed its bullish momentum.
Notably, the MACD SOL means that the bulls are nonetheless main the market.
Each the Relative Energy Index (RSI) and Chaikin Cash Circulation (CMF) additionally registered good points, indicating that the possibilities of the northward value transfer persevering with are excessive.
The scenario within the derivatives market additionally seemed optimistic for Solana.
AMBCrypto’s evaluation of Santiment knowledge confirmed that the Binance SOL funding fee was within the inexperienced on the time of publication, exhibiting that derivatives buyers had been actively shopping for.
Open curiosity additionally elevated together with the worth. Every time this occurs, it signifies that the probability of the present value pattern persevering with is excessive.
What does BNB do?
Since we’re discussing the worth motion of SOL, additionally it is necessary to check out the state of BNB to see the larger image. The weekly chart of BNB was additionally inexperienced, however the progress fee was not as excessive as that of SOL.
In accordance with CoinMarketCapOver the previous seven days, BNB has risen greater than 7%. At press time, it was buying and selling at $323.61, with a market capitalization of over $48 billion.
Nonetheless, it was shocking to notice that regardless of the upward value pattern, sentiment across the coin has turned bearish. The BNB’s weighted sentiment index fell sharply on February 10, in keeping with Santiment.
To test whether or not the dearth of investor confidence in BNB might result in a value correction, AMBCrypto took a take a look at its each day chart.
We discovered that the worth of BNB has touched the higher boundary of the Bollinger Bands, suggesting a doable value correction. One other bearish indicator was the Cash Circulation Index (MFI), which registered a slight decline.
Learn Solana [SOL] Value forecast 2024-25
In distinction, BNB’s Chaikin Cash Circulation (CMF) remained bullish. Thus, it appeared that the probability of Solana overtaking BNB was excessive.
Nonetheless, because the cryptocurrency market is notoriously unpredictable, will probably be attention-grabbing to see what the approaching week holds for each tokens.