Posted:
- Market indicators indicated that SOL’s rally may proceed.
- Conversely, BNB would possibly witness a value correction.
In line with CoinMarketCap, Solana’s worth surged by greater than 125% within the final seven days, making it one of many highest gainers in prime altcoins.
On the time of writing, SOL was buying and selling at $109.06 with a market cap of over $47.6 billion, making it the fifth-largest crypto.
With this latest uptrend, the distinction between SOL and Binance Coin’s [BNB] market cap was decreased to 600 million.
If this gaining spree continues, SOL may quickly flip BNB to grow to be the fourth-largest crypto by market cap.
Will Solana flip BNB?
AMBCrypto checked Solana’s each day chart to see whether or not SOL would preserve its bullish momentum.
Notably, SOL’s MACD instructed that the bulls have been nonetheless main the market.
Each its Relative Power Index (RSI) and Chaikin Cash Movement (CMF) additionally registered upticks, indicating that the possibilities of a continued northward value motion have been excessive.
Supply: TradingView
Issues within the derivatives market additionally seemed bullish for Solana.
AMBCrypto evaluation of Santiment’s information revealed that SOL’s Binance Funding Fee was inexperienced at press time, displaying that derivatives traders have been actively shopping for.
Its Open Curiosity additionally elevated together with its value. Each time this occurs, it signifies that the probabilities of the present value development persevering with are excessive.
Supply: Santiment
What’s BNB as much as?
Since we’re discussing SOL’s value motion, it’s additionally vital to try BNB’s state to see the broader image. BNB’s weekly chart was additionally inexperienced, however the development price was not as excessive as that of SOL.
In line with CoinMarketCap, BNB was up by over 7% within the final seven days. At press time, it was buying and selling at $323.61 with a market cap of over $48 billion.
Nonetheless, it was stunning to notice that, regardless of the worth uptrend, sentiment across the coin turned bearish. As per Santiment’s information, BNB’s Weighted Sentiment dropped sharply on the tenth of February.
Supply: Santiment
To test whether or not traders’ insecurity in BNB may lead to a value correction, AMBCrypto took a have a look at its each day chart.
We discovered that BNB’s value touched the higher restrict of the Bollinger bands, which instructed a potential value correction. One other bearish indicator was the Cash Movement Index (MFI), which registered a slight downtick.
Learn Solana’s [SOL] Value Prediction 2024-25
Quite the opposite, BNB’s Chaikin Cash Movement (CMF) remained bullish. So, it appeared that the opportunity of Solana overtaking BNB was excessive.
Nonetheless, because the crypto market is notorious for its unpredictability, it is going to be attention-grabbing to see what’s in retailer for each tokens within the coming week.
Supply: TradingView