Despite being one of the latest alternative cryptocurrencies to reach new yearly highs, it is still far from its all-time high, leading to further growth in the coming days.
In the middle of a flurry of activity in the cryptocurrency market, Solana (SOL) becomes one of the altcoins in reaching new annual highs. This rally has been fueled by a general rally in the crypto space, which has also triggered the fever for memecoins, such as Dogwifhat (WIF) in the Solana blockchain.
In the last 24 hoursSUN registers an increase of 4.2%, going from US$140 to US$145.09. In early March, the token hit a new yearly high of US$149.19. During the last month, SOL boasts an impressive increase of 54.5%, going from US$94.12 up to the current value.
Before this promotion, Buying activity focused on Solana-based memecoin Dogwifhat (WIF)which has seen a 55% increase in its price, rising from USD 0.52 on February 27 to USD 0.82 at the present time.
Dogwifhat (WIF)
Launched on December 14, 2023, WIF captured the market’s attention with its humorous approach, featuring an image of a Solana developer’s dog wearing a knitted hat. Since its inception, WIF achieved an astonishing appreciation of more than 50,000%.
Despite this brilliant performance, SOL is still 52% below its all-time high of $259.62, reached on November 6, 2021.
Solana wasn’t the only large-cap cryptocurrency to set new highs for 2024, as both Binance Coin (BNB) and Dogecoin (DOGE) hit their respective highs of US$427 and US$0.12 approximately two hours before Solarium.
Bitcoin (BTC) is the great king of market profits, with institutional entries into the newly approved spot bitcoin exchange-traded funds (ETFs)s, strengthening since its approval on January 11. The 10 ETFs generated a record volume of $7.7 billion on February 28.
On the same day, BlackRock’s iShares Bitcoin ETF attracted more than $612 million in inflows, marking the largest single-day inflow for any ETF to date.
As the cryptocurrency market continues to evolve, many experts believe that the long-awaited Ether spot ETF will be a catalyst for Ethereum’s growth in the coming months. There is speculation that ETH price action could follow a similar trajectory to Bitcoin in the lead-up to the approval of its spot ETF products.
Source: Ambito
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