In the tumultuous arena of the cryptosphere, volatility has once again descended. Bitcoin falls to $67,759, Ether to $3,705, and BNB to $572. Despite these setbacks, these cryptocurrencies have recently shined. Among the world’s highest-rated assets, Solana seems surprisingly unscathed from this steep price drop. But what are the reasons for this sudden tumult?
In the upheavals of the crypto market, Solana shines like a beacon
If Bitcoin and Ethereum have been in the spotlightreaching impressive highs of $73,000 and $4,000 respectively, Solana is no slouch. Floorranked among the top five most valued assets in the world, maintained its position, flirting with 140 dollars on March 5. His meteoric rise shows no signs of stopping.
Also broke $123 resistance (black)
Generally speaking, the price development closely resembles that of mid-2021.
Resistance at ~$208 may be revisited over time. »
As the cryptocurrency market buckles under the weight of losses, Solana (SOL) stands like a green beacon, recording an increase of 6.8% in the last 24 hours.
At the heart of the turmoil, Solana stands out as the only major cryptocurrency to post gains in the top 10 by market capitalization. In its breakthrough, the crypto SOL sees its reach now reached $170.57according to data from CoinGecko.
Memecoin fever drives the Solana network
But what explains this spectacular rise in the price of Solana today? Solana’s recent surge and notable gains align with the hype around the associated memecoin project, Dogewhatif (WIF), precise Cointelegraph.
WIF supporters managed to raise $700,000, far surpassing their initial goal of $50,000. With the funds, they displayed the token logo on the Las Vegas stage. Result: the price of Dogwifhat (WIF) increased by 25%, reaching a all-time high of over $3 and an market capitalization of $3 billion following this campaign.
Remarkably, the price of Solana’s token began to rebound soon after the Dogwifhat campaign was announced on March 10.
The Solana bulls reacted favorably to launches of memecoin projects on its blockchain. A recent study from Franklin Templeton notes that the network captured a significant portion of activity during the period when BONK, its native memecoin, experienced a price surge in Q4/2023.
Crypto market at half mast: Why this decline?
According to U°Today, the cryptocurrency market is currently going through a period of turbulence, with all major digital currencies showing in red. Bitcoin, the leader in this sphere, fell 7% in the last 24 hours. Similarly, Ethereum and XRP suffered declines of around 7%, while Dogecoin was the worst performer among the top 10 cryptos, losing 9.5% of its value.
This generalized decline can be attributed to significant fund flows to Binance, a crypto exchange currently in turmoil. A notable transaction involving the moving 4,637 BTC (worth approximately $329 million) towards a Binance hot wallet was observed, mirroring a similar pattern during bitcoin’s fall on March 5, contributing to the current market volatility.
The recent collapse has led to significant liquidations in the market. In the last 24 hours alone, more than $661 million of cryptocurrencies were liquidated, according to CoinGlass. A large portion of these liquidations, $525.86 million, came from long positions, showing that many traders were betting on a price rise and were caught off guard.
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