- BNB price is trading above $310, up 5% in the last 24 hours and 20% in the past week.
- With SOL price falling after the recent rally, BNB appears to have overtaken Solana in terms of market capitalization.
BNB is trading up more than 5% in the last 24 hours and more than 20% in the past week as Binance Coin makes a comeback after its recent plunge. This follows the meteoric rise and ultimate flip of Solana’s XRP and BNB, the last price the cryptocurrency reached in April last year.
BNB on Solana
The market value of BNB rose as Solana plummeted as profit-taking increased over the Christmas period. The native Binance coin is currently trading above $310, with the price last seen in June. As of this writing, its market capitalization is $47.9 billion, surpassing Solana, which has plummeted to $46.3 billion.
BNB price is showing potential gains for the first time since it plunged last month following the bombshell resignation of Binance founder and former CEO Changpeng Zhao. BNB also came under downward pressure after the cryptocurrency exchange agreed to a $4.3 billion settlement with US authorities.
This event caused the BNB price to fall from above $266 to below $225, continuing the macro downtrend. Data from markets platform CoinGecko shows the gains have been less notable compared to some of the performance over the past few weeks.
However, with Solana cooling its gains, BNB bulls are looking to retest the year-to-date $350 level. As cryptocurrency analyst Rekt Capital highlighted on December 26, BNB “broke the macro downtrend.” This suggests a potential rally.
$BNB It broke the macro downward trend.#Binance #Cryptocurrency #BNB pic.twitter.com/PnvqNMK2QW
— Rekt Capital (@rektcapital) December 26, 2023
If euphoria over a potential approval for a spot Bitcoin ETF pushes the altcoin higher, BNB bulls could target an all-time high of $686.
As of December 27, the price of BNB was $311, which is about 55% discount from its peak.