Binance Coin [BNB] vs. Solana: The race for the #3 spot heats up

Journalist

Posted: December 16, 2025

Bitcoin [BTC] and Ethereum [ETH] stay firmly at the top, but the most compelling contest is playing out just below.

Binance Coin and Solana are now closer in market value, each with a differently powered engine. As the gap closes, the race for the No.3 spot is heating up!

Market cap momentum

Year to date, Binance Coin [BNB] and SOL have taken very different paths.

Source: CoinGecko

BNB’s market cap started the year just under $90 billion, climbed and peaked near $180 billion in late Q3. It then cooled to around $120-125 billion. There’s relative stability, with shallow pullbacks.

Source: CoinGecko

Solana [SOL], meanwhile, has been more volatile. Its market cap swung between $60 billion and $135 billion, peaking around September before retracing to roughly $70-75 billion.

While SOL’s rallies were stronger, they were also less durable. So far, BNB has held its gains better.

A clear gap

Solana’s strength has come from DeFi bursts, but they’ve faded over time.

Source: DeFiLlama

Daily DEX volume was about $2.34 billion at press time, with $93.6 billion traded over the last 30 days and a slightly negative weekly change.

After huge spikes early in the year, volumes fell into a lower, choppier range — traders are less aggressive than before.

Source: DeFiLlama

BNB’s engine looks steadier. Binance still holds roughly $167 billion in total assets, down from a Q3 peak near $200 billion but far from collapsing.

Source: Token Terminal

Active addresses were around 51,000 daily, while transaction counts surged earlier in the year and then cooled.

Source: Santiment

Solana’s activity is also similar to DEX volatility: Daily active addresses are around 2 million, while transaction volume spiked past 38 million in mid-October before settling lower.

NFTs today, builders tomorrow

Contrary to popular assumption, BNB Chain currently dominates NFT activity! The chain’s leading sales volume at $1.28M – nearly double Solana’s $738K – and topping buyer count with 5,681 trades.

However, momentum is weakening, with short-term sales and total traded value down roughly 33%.

Source: cryptoslam.io

While buying is lighter at 1,959 transactions for Solana, total market value is up 4.2%, and average NFT prices are far higher ($1.2M vs. $24K). There’s stronger value capture per trade.

Looking ahead, developer activity adds context.

Source: Santiment

Solana’s development levels remain consistently higher and more resilient than BNB’s, which has seen drop-offs in recent months.

If builder momentum continues to favor Solana, its “quality over quantity” NFT model may prove more durable over time… even with BNB leading in raw volume today.

Who will be the next number 3?

They’re both moving toward the same destination from very different paths. BNB’s case rests on stability; it holds ground well when conditions cool. Solana, however, is playing a longer game.

If markets reward resilience and steady cash flows, BNB remains the safer bet for the No. 3 spot. But if the next cycle is shaped by builders and application-led demand, Solana’s engine may prove stronger over time.

Final Thoughts

BNB holds the edge today with a $120B market cap and steadier capital retention.
Solana’s numbers indicate stronger long-term upside if builder demand drives the next cycle.