Solana Price Prediction: SOL Falls Behind Binance Coin – Can SOL Recover?
As crypto markets struggle amid a strengthening US dollar, the Solana (SOL) price is eyeing a breakout to fresh one-month lows in wake of SOL having slipped behind Binance Coin (BNB).
The Solana price was last trading around $148, with the bears seemingly now in control of the market.
At least, that’s what chart analysis appears to suggest. At current levels, the Solana price below its 21 and 50DMAs, as well as the key $160 pivot area.
The rapid Solana ecosystem growth seen in late-2023 into early 2024 has stagnated in recent months.
The blockchain’s TVL has remained stuck below $4 billion, as per DeFi Llama.
Meanwhile, fees (a proxy for network activity) have been more-or-less going sideway since April.
It’s no wonder then that the Solana price has been stuck below $200 since March.
Binance Coin’s TVL, meanwhile, has also been stuck around $5 billion in recent months.
So the crypto’s recent vault beyond Solana may come as somewhat of a surprise.
At its current price of $610, BNB has a market cap of $90 billion. SOL, meanwhile, as a market cap of $68 billion.
Both cryptos have the potential to perform very well during this bull market.
Both have vibrant web3 ecosystems that serve all manner of high-potential use cases.
For those taking their first steps into crypto, both SOL and BNB rank amongst the best crypto coins for beginners.
But in the long run, concerns about Binance Coin’s linkage to crypto exchange Binance may hamper its growth potential.
Decentralization is a core tenant of crypto philosophy, after all (not that Solana doesn’t have its own centralization concerns).
While Solana’s long-term price outlook is strong, short-term sell pressure may remain.
Elevated post-halving sell pressure from Bitcoin miners may continue to cap
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