- Solana overtakes Binance Coin, securing fifth place by market capitalization growth
- Strong trading activity and volume push SOL price near key $240 resistance level
- Rising open interest in derivatives highlights increasing investor confidence in SOL
Solana (SOL) has overtaken Binance Coin (BNB) to become the fifth-largest cryptocurrency by market capitalization.
At $129.31 billion, Solana now sits directly ahead of BNB, marking a shift in the top-tier crypto rankings, per CoinMarketCap data. The flip comes as trading activity and derivatives positioning underscore growing conviction in Solana’s market.
SOL Price Hits $238 on $12.47B in Daily Volume
Solana traded at $238.44, up 7.15% in the last 24 hours. Trading volume surged 40.25% to $12.47 billion, one of the heaviest days of activity this quarter.
The chart shows support forming near $223, while resistance holds at $240. A decisive breakout above $240 could clear the way for a stronger leg higher.
Technicals support the setup: the MACD printed 9.87 versus 7.39 on the signal line, signaling continued strength. The RSI read 69.51, approaching the overbought zone, leaving room for a pullback if momentum overheats.
Derivatives Market Open Interest Jumps to $8.2B
Open interest tied to Solana derivatives rose to $8.2 billion, according to Coinalyze. Perpetual contracts made up the bulk of activity, with Binance holding $3.5 billion in positions, equal to 7.4% of market share.
Bybit followed at $2.1 billion, Hyperliquid at $1.5 billion, and OKX at $979.3 million. KuCoin and Bitfinex rounded out the list.
The 24-hour shift was sharp: perpetual open interest climbed 7.85%, while futures rose 6.63%. That uptick in leveraged positions signals traders are positioning for continued upside, a pattern often seen in sustained uptrends.
Related: Solana Hits 7-month High But Analyst Believes SOL Is Headed to $1000
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