Why Solana rose 5% today despite a market downturn

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Amid a broader market downturn, Solana stands out with a 5% increase today, driven by significant on-chain activity and ecosystem growth, setting a new standard in the crypto market.

Solana has enjoyed a decisive upswing today while a sea of red has swept the broader crypto market. It is currently trading at $153, up 5.5%, while the total crypto market cap is down by 1%.

Ecosystem and price-related factors bolster SOL’s relative strength

A mix of ecosystem adoption and price chart-related influences have provided SOL with significant momentum today. At its current price of $154, SOL is up 5.5% today, 12.8% this week, down 14% this month, but up 604% this year.

It currently holds a $69 billion market cap and a $3.2 billion 24-hour trading volume, up 87% today.

The central driver behind Solana’s recent success is that it has overtaken Ethereum in 24-hour on-chain trading volume. This reflects a growing interest in Solana’s ecosystem, bolstering SOL’s bullish outlook.

Solana consistently outperformed Ethereum in on-chain volume as it advanced toward its local highs in Q1 2024, but activity dropped in recent weeks.

However, the new data suggests momentum is returning, enabling today’s strong performance. “Solana passes Ethereum once again in DEX volume. Let’s just agree this is now the new norm,” said Marty Party.

Simultaneously, SOL has been displaying strength against ETH, with PaikCapital speculating that it could continue to outperform the second-largest cryptocurrency. The analyst initially covered the trading pair in October 2023, dubbing it “one of the most obvious hindsight accumulation ranges.”

Since then, SOL’s value has increased over 3x compared to ETH’s. However, PaikCapital updated the chart yesterday, saying, “The SOL / ETH pair is still a beauty. I expect price discovery soon. Indeed, it was the most obvious hindsight accumulation range.”

Why Solana rose 5% today despite a market downturn - 2

Meanwhile, renowned commentator Santiago R Santos explained his core market outlook in a recent tweet. “Solana is the most retail-friendly chain (best UX, best apps). Therefore, memes should do well,” he wrote.

While these factors undoubtedly present a bullish outlook for Solana, they also indicate that Solana ecosystem tokens will benefit.

As the SOL price increases, holders will take profits and rotate into smaller on-chain projects, vying to compound their gains. One of the hottest new Solana tokens is Sealana, a new presale meme coin that has raised over $250K so far.

New Solana memecoin presale soars 

The Solana presale circuit has produced meme coin icons like Book of Meme and Slerf, which both experienced unprecedented success and printed many millionaires.

However, the latest Solana presale has arrived and is rapidly gaining pace and notoriety. Sealana, a seal-themed meme coin who swapped his water-dwelling lifestyle to pursue degen meme coin trading from his mom’s basement, is all the rage at the moment.

Having raised over $250K, investors are taking note of the new presale. Meanwhile, high-profile industry figures are also bullish, with Jacob Bury recently speculating that it holds 10x potential. Bury also said that Sealana could be the “best crypto to buy now.”

Adding to the excitement, rumors are circulating that the team behind the infamous Slerf token also launched Sealana. Given that Slerf peaked at a market cap north of $450 million, this would be tremendously bullish for the new seal-themed crypto.

Sealana is inspired by the hilarious foul-mouthed cartoon show South Park. This, combined with its analyst backing and links to Slerf, reflects a bright future for the new token.

However, the Sealana presale has no predetermined hard cap, so it could end at any time. As such, potential investors must act quickly or risk missing out.

To learn more, visit the Sealana presale.

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

Source link

About The Author

Scroll to Top