Solana Shines Despite Broader Crypto Market Downturn
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
As the cryptocurrency market records a sharp retracement following weeks of parabolic hikes, Solana remains unperturbed, launching into a fresh rally as it cleared the $174 top for the first time since January 2022.
Over the past 24 hours, Solana’s native token, SOL, has demonstrated remarkable strength, surging by 5% despite a 3.3% drop in the overall crypto market capitalization.
Memecoins Responsible for Surge in Solana
The surge in SOL’s value is not an isolated event but rather a testament to the growing significance of the Solana blockchain.
Memecoins, a unique feature of the Solana ecosystem, have played a pivotal role in driving this surge.
Memecoins such as Dogwifhat, Bonk, Myro, and Popcat have experienced significant gains, ranging from 15% to an astonishing 60%, in just one day. These memecoins, known for their lighthearted appeal and accessibility, have captured the attention of investors seeking novel opportunities in the cryptocurrency space.
According to Tristan Frizza, CEO of Zeta Markets, Solana’s performance reflects more than just speculation. Speaking to The Block, Frizza said:
“The blockchain’s ascent is not merely speculative—it’s rooted in genuine user engagement. Its potential has only been reinforced as we witness its transaction volumes and DeFi applications flourish.”
Indeed, Solana’s transaction volumes and decentralized finance (DeFi) applications have been flourishing, underscoring its potential and user engagement. The blockchain’s health, often measured by its active addresses, is also thriving, with daily active addresses soaring from approximately 660,000 in late February to 1.04 million on March 12, per data from The Block.
In contrast, Bitcoin, the largest cryptocurrency by market capitalization, has seen a 3.6% decline, trading at $70,450. This contrast highlights Solana’s impressive performance and resilience in a challenging market environment, positioning it as a prominent player in the cryptocurrency landscape.
When trading the crypto market, it doesn’t have to be “hit or miss.” Safeguard your portfolio with trades that actually yield results, just like our premium crypto signals on Telegram.
Interested in learning how to day trade crypto? Get all the information you need here
