BNB Slides as Solana Surpasses in Market Cap, Institutional Buying Offers Support
BNB fell nearly 1.5% over the past 24 hours to trade around $765, retreating from highs near $780 earlier this week amid a spike in sell pressure and broader market volatility.
The decline allowed Solana (SOL) to overtake BNB in market capitalization, with SOL climbing 3.5% to reach $109.3 billion, compared to BNB’s $106.6 billion. The shift reflects growing momentum behind SOL, as BNB struggles to maintain recent gains.
According to CoinDesk Research, BNB’s trading volume surged to nearly 12,000 tokens in a single hour, signaling a wave of liquidations near the $760 psychological level. A sharp $34.87 price swing underscored the intensity of intraday volatility as institutional sellers rotated out of positions.
Traders flagged rejection candles at the $770 resistance level early in the session, a potential indicator of distribution by larger market participants. Buyers attempted to hold the $745.75 support zone, sparking a limited recovery.
Despite the pullback, corporate accumulation appears to be strengthening. Blockchain infrastructure firm Nano Labs revealed it boosted its BNB holdings to 120,000 tokens—worth approximately $90 million—highlighting continued institutional interest in the token.
In related news, Binance announced a brief suspension of BNB Smart Chain withdrawals scheduled for July 23 due to wallet maintenance, expected to last 30 minutes.
