BNB surges to above $310 as its market cap flips Solana

• BNB price has jumped 5% in the past 24 hours and 20% this past week to trade above $310.
• The gains see BNB dethrone Solana in terms of market cap as SOL price dips following recent rally.

BNB is trading more than 5% up in the past 24 hours and 20% in the past week as the Binance coin stages a comeback after a recent slump.  This follows Solana’s remarkable surge and eventual flippening of both XRP and BNB that saw the cryptocurrency reach prices last seen in April of last year.

BNB back above Solana

As Solana slumped amid increased profit taking over the Christmas period, BNB’s market value rose. The native Binance coin is currently trading above $310, prices last witnessed in June. Its market cap at the time of writing is $47.9 billion, overtaking Solana that has slumped to $46.3 billion.

BNB price is seeing a potential bullish run for the first time since slumping amid last month’s bombshell resignation of Binance founder and former CEO Changpeng Zhao. BNB also came under downside pressure after the crypto exchange agreed a $4.3 billion settlement with US authorities.

The events saw BNB price drop from highs above $266 to under $225, continuing its macro downtrend. Data from market platform CoinGecko shows the grind back higher has been less notable compared with some of the outperformers in the past few weeks.

But as Solana cools its upside, BNB bulls are looking to retest the year-to-date levels near $350. As crypto analyst Rekt Capital highlighted on December 26, BNB has “broken its macro downtrend”. It suggests a potential bull rally.

$BNB has broken its Macro Downtrend#Binance #Crypto #BNB pic.twitter.com/PnvqNMK2QW

— Rekt Capital (@rektcapital) December 26, 2023

If the euphoria around the potential approval for a spot Bitcoin ETF nudges altcoins higher, BNB bulls could eye the all-time high above $686.

The BNB price of $311 as of December 27 is about 55% off that peak.