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- BNB now ranks below Solana in terms of market capitalization.
- BNB has witnessed a surge in demand over the past four days.
AMBCrypto reports that Solana (SOL) has surpassed Binance Coin (BNB) to become the fourth-largest cryptocurrency by market capitalization.
This comes a day after SOL surpassed XRP to take fifth place. At press time, SOL had a market capitalization of $42 billion. BNB followed with a market capitalization of $41 billion.
BNB holds its own.
Despite falling in the ranking of cryptocurrencies by market capitalization, BNB has seen a 6% price increase in the last 24 hours. During the same period, trading volume increased by more than 25%.
Looking at the price movement of the coin on the 24-hour chart, we see that the upward trend began on December 18th. Since then, it has grown by 16%.
At press time, the coin was trading at $274, its highest price since June, according to data from CoinMarketCap.
The price surge since December 18th was driven by increased demand for BNB, which key momentum indicators accurately depicted.
The coin’s Relative Strength Index (RSI) and Money Flow Index (MFI) are at 71.49 and an overbought high of 69.57 at the time of writing.
At these values, these indicators show that BNB accumulation is significantly outpacing coin selling among day traders.
The Accumulation Distribution Line (ADL) has increased by 1% over the past four days, seeing a surge in demand for BNB.
ADL measures the underlying supply and demand for an asset, and it does this by determining whether traders are actually buying or selling the asset.
During periods of a strong uptrend or downtrend, ADL moves in the same direction as the price, confirming the current trend.
At the time of this writing, BNB’s ADL is $657.97 million, which has been trending upward along with the price since the price rally began on December 18th.
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Additionally, the coin’s CMF (Chaikin Money Flow) has risen significantly since December 12th. At the time of reporting, it was observed to be 0.33, the highest level since October 2021.
Source: BNB/USDT on TradingView
The rise in BNB’s CMF over the past few days shows that buyers of the coin are actively entering the market with increasing liquidity, which is pushing the price up accordingly.