Solana Hits $106.8B Market Cap, Surpassing BNB to Claim Fifth Spot in Crypto Rankings

Solana is gaining momentum as the crypto market climbs. According to CoinGecko, Solana's market cap has reached $106.8 billion, its highest level in nearly five months, following a 4.2 percent gain in the past 24 hours.

This surge has pushed Solana ahead of Binance Coin (BNB) to become the fifth-largest cryptocurrency by market cap. BNB currently holds a valuation of $106.0 billion and is trading at $756. SOL is now priced at $198, still 32 percent below its all-time high of $293 recorded in January.

Beyond crypto rankings, Solana now ranks 203rd among global assets by market capitalization. This marks a leap of 34 positions, allowing it to surpass the market valuations of companies like Coinbase and Starbucks. In the global asset rankings, Bitcoin ranks 6th, Ethereum 29th, XRP 88th, and Tether 119th.

Solana’s rising valuation is mirrored by its strong on-chain performance. Solana has taken the lead among blockchains in terms of user activity. According to data from Nansen, Solana recorded 28.23 million active addresses over the past seven days. This number is significantly higher than BNB Chain's 10.58 million, Base's 9.62 million, Tron's 5.94 million, and Aptos' 3.35 million.

In addition to user activity, Solana also ranks first in total transactions, with 598.28 million recorded during the same period. This puts it ahead of all other major chains in terms of on-chain usage.

Solana Memecoins Roar Back; Murad's Portfolio Hits ATH

The surge in activity has triggered a rally across the Solana ecosystem, with many Solana-based memecoins rebounding alongside the network.

The broader memecoin market is also seeing a strong comeback. Its total market cap has reached $81.83 billion, up 66.28 percent in the past 30 days, while trading volume has jumped 225.37 percent to $19.31 billion.

According to CoinMarketCap, the top five Solana memecoins by market capitalization are Bonk (BONK), Pudgy Penguins (PENGU), TRUMP, SPX6900 (SPX), and Fartcoin. Among them, Fartcoin recorded the highest gain over the past 7 days with a 27.31 percent increase, and also leads in 24-hour performance with a 4.30 percent rise, making it the strongest short-term performer in the group.

Murad (@MustStopMurad), a dedicated memecoin investor, now serves as a clear indicator of the market’s recovery. His portfolio, composed entirely of memecoins, has reached a new all-time high of $59 million on July 21, surpassing its previous peak of $54 million recorded in January 2025. As of now, the portfolio stands at $57.3 million, holding close to its recent peak.

During the sharp memecoin downturn in March, his portfolio fell to $12 million, a decline of more than 75 percent. Despite the steep drop, Murad held his position and did not sell a single coin. As the market recovered, the value of his portfolio rebounded fully, climbing to a new record high.

Institutional Momentum Builds Around Solana as ETFs and Treasuries Surge

The surge in retail interest around memecoins is now being matched by growing institutional confidence, as reflected in the increasing demand for Solana-linked investment products.

According to data from The Block, the REX-Osprey Solana ETF has recorded $303 million in trading volume since its launch on July 2. As of July 21, the fund has seen a net inflow of $92.8 million, with only one day of net outflows during this period.

The ETF stands out for its unique structure, which allows the underlying SOL assets to participate in staking. This design enables the fund to generate additional yield by validating transactions on the Solana network, distinguishing it from traditional Bitcoin ETFs that follow a passive buy-and-hold strategy.

REX-Osprey has partnered with Anchorage Digital, the only federally chartered crypto bank in the United States. Anchorage oversees both the custody and on-chain staking management of the fund’s SOL holdings.

Additionally, Solana is increasingly attracting corporate interest as companies look beyond Bitcoin and Ethereum for their treasury strategies. Firms are beginning to establish dedicated Solana treasuries, signaling growing institutional confidence in the network. These are just a few notable examples:

• Mercurity Fintech has committed $200 million to Solana.

• DeFi Development Corp. has expanded its stake to nearly 1 million SOL.

• Upexi Treasury has also recently acquired an additional 100,000 SOL for $17.7 million, bringing its total holdings to 1.82 million SOL valued at $331 million.

Solana Takes the Spotlight Across Retail and Institutional Markets

From increased retail interest in memecoins to a rise in institutional involvement, Solana is gaining attention across multiple areas of the crypto ecosystem. Recent data points to growing user activity, higher on-chain transaction volumes, and expanding interest from corporate entities. These developments suggest that Solana is gradually establishing its presence as both a technical infrastructure and an asset of interest to a broader range of market participants.