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Solana retraces back to pre-Xmas prices as BNB retakes 4th spot

Solana has sacrificed its place as the fourth-largest cryptocurrency by market cap, after being overtaken by BNB.

The price of Solana SOL$107 cooled in the days following Christmas after an impressive 120% monthly rally in December that saw its market cap grow larger than that of Binance’s BNB BNBtickers down$319.

The retrace saw Solana’s price fall below $100 before spending several hours at pre-holiday prices just above $101.

At the time of publication, Solana is changing hands for $105, still down roughly 14% from its yearly high of $123, which it notched on Dec. 26, per TradingView data.

However, an unexpected 9% uptick in the price of BNB has now seen the Binance-linked token reclaim its position as the fourth-largest cryptocurrency by market cap.

Solana’s rally saw several SOL-based memecoins, including Bonk (BONK) and Dogwifhat (WIF) also witness incredible price action over the last few weeks, posting respective gains of 650% and 123,000% between Nov. 22 and Dec. 22.

However, both of the memecoins have since retraced more than 50% from their all-time highs, each beginning their tumble three days before Solana notched its yearly high on Dec. 26.

Running parallel to the outsized gains in the price of Solana, was an influx of trading activity on the network, which briefly saw trading volumes on SOL-based decentralized exchanges (DEXs) eclipse that of Ethereum for the first time.

BREAKING: @solana 24H DEX VOLUME OVERPOWERS THOSE OF @ethereum AND @arbitrum COMBINED— DEGEN NEWS ️ (@DegenerateNews) December 22, 2023

Solana DEX volume has since cooled off and fallen to $1.1 billion in the last 24 hours, roughly half that of Ethereum’s $2 billion, per DefiLlama data.

Meanwhile, Ethereum has also recently posted a 5% weekly gain, leading many traders and analysts to speculate that Ether ETH$2,356could start outperforming its competitors soon.

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