In a significant development, Solana's native cryptocurrency SOL has surpassed Binance Coin (BNB) to become the fourth-largest digital asset by market capitalization. This achievement is even more remarkable considering Solana recently experienced a network outage on February 6th.

SOL's price soared by 7.56% in the 24 hours leading up to 1:50 pm UTC, trading at $112.52. With a market cap of $49.36 billion, SOL now stands ahead of BNB's $48.5 billion, according to data from CoinMarketCap.

The rally coincided with the Crypto Fear and Greed Index reaching its highest point since November 2021, when Bitcoin hit its all-time high of $69,000. This surge in market sentiment came just a day after Bitcoin breached the $50,000 mark for the first time in over a year.

Despite the recent network disruption, SOL's ascent is attributed to the on-chain approval of the Pyth DAO Constitution, which aims to establish a decision-making framework for the Pyth DAO, the decentralized organization governing the Pyth Network.

Over the past week, SOL has gained an impressive 19.99%, although it still trades 57% below its all-time high of $260.06 set in November 2021.

Adding to Solana's momentum is the overwhelming demand for the Solana Mobile Chapter 2 smartphone, which reached 100,000 preorders in less than 30 days – a remarkable feat considering it took nearly a year to sell 20,000 units of the first Solana Saga phone.

The preorder window for the new Solana phone, priced at $450, will close on February 14th, with shipments expected to begin in early 2025, according to Solana Mobile's announcement.

On the other hand, BNB has faced headwinds due to ongoing regulatory challenges faced by parent company Binance. The sentencing date for Binance founder Changpeng Zhao, who is currently out on a $175 million bond, has been postponed from February 23rd to April 30th.

Solana's ability to overcome adversity and claim the fourth spot in the cryptocurrency market capitalization rankings underscores the resilience and potential of its ecosystem. As the digital asset landscape continues to evolve, Solana's innovative projects and strong community support position it as a major player to watch.