Solana (SOL) has gained more than 45% since Monday, approaching the long-awaited $100 mark. It has overtaken Binance’s BNB to become the fourth largest cryptocurrency by market capitalization.

The collapse of FTX had an adverse impact on the price and total value locked (TVL) of the Solana ecosystem. In December, it hit a long-term low of $8. However, in 2023, Solana staged a solid recovery and almost regained the $100 milestone.

Solana sells off as BNB approaches $100

Solana and Binance’s BNB are vying for the fourth spot as the largest cryptocurrency by market capitalization. Earlier today, Solana briefly overtook BNB but failed to maintain that position.

Additionally, Solana’s price reached $99.50 on Binance, just $0.5 off the $100 milestone. If the price of Solana remains above $100, it is very likely to secure the fourth position.

As of this writing, the screenshot below shows that BNB has a market cap of $41.75 billion, while Solana has a market cap of $41.44 billion.

BNB Big Flip

Solana has never succeeded in turning around Binance BNB’s market capitalization. CoinMarketCap’s historical snapshot shows that when Solana hit its all-time high in November 2021, it was ranked fourth based on market capitalization. However, BNB still has a higher market cap compared to Solana.

As of November 6, 2021, SOL had a market capitalization of nearly $78 billion. Meanwhile, BNB has a market capitalization of $106 billion, more than 25% higher than SOL.