Journalist
Posted:
- Market indicators indicated that SOL’s rally could continue.
- Conversely, BNB might witness a price correction.
According to CoinMarketCap, Solana’s value surged by more than 125% in the last seven days, making it one of the highest gainers in top altcoins.
At the time of writing, SOL was trading at $109.06 with a market cap of over $47.6 billion, making it the fifth-largest crypto.
With this recent uptrend, the difference between SOL and Binance Coin’s [BNB] market cap was reduced to 600 million.
If this gaining spree continues, SOL could soon flip BNB to become the fourth-largest crypto by market cap.
Will Solana flip BNB?
AMBCrypto checked Solana’s daily chart to see whether SOL would maintain its bullish momentum.
Notably, SOL’s MACD suggested that the bulls were still leading the market.
Both its Relative Strength Index (RSI) and Chaikin Money Flow (CMF) also registered upticks, indicating that the chances of a continued northward price movement were high.
Source: TradingView
Things in the derivatives market also looked bullish for Solana.
AMBCrypto analysis of Santiment’s data revealed that SOL’s Binance Funding Rate was green at press time, showing that derivatives investors were actively buying.
Its Open Interest also increased along with its price. Whenever this happens, it means that the chances of the current price trend continuing are high.
Source: Santiment
What is BNB up to?
Since we are discussing SOL’s price action, it’s also important to take a look at BNB’s state to see the broader picture. BNB’s weekly chart was also green, but the growth rate was not as high as that of SOL.
According to CoinMarketCap, BNB was up by over 7% in the last seven days. At press time, it was trading at $323.61 with a market cap of over $48 billion.
However, it was surprising to note that, despite the price uptrend, sentiment around the coin turned bearish. As per Santiment’s data, BNB’s Weighted Sentiment dropped sharply on the 10th of February.
Source: Santiment
To check whether investors’ lack of confidence in BNB could result in a price correction, AMBCrypto took a look at its daily chart.
We found that BNB’s price touched the upper limit of the Bollinger bands, which suggested a possible price correction. Another bearish indicator was the Money Flow Index (MFI), which registered a slight downtick.
Read Solana’s [SOL] Price Prediction 2024-25
On the contrary, BNB’s Chaikin Money Flow (CMF) remained bullish. So, it seemed that the possibility of Solana overtaking BNB was high.
However, since the crypto market is infamous for its unpredictability, it will be interesting to see what’s in store for both tokens in the coming week.
Source: TradingView