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Solana continued its rise in the last 24 hours despite the broader cryptocurrency market downturn. According to Tradingview data, Solana’s native token SOL experienced a 5% increase in the last 24 hours. While the broader cryptocurrency market value saw a decline of over 2% the previous day, according to CoinGecko data, this altcoin is challenging the downward trend and maintaining its weekly rally.
What’s Happening in the Solana Ecosystem?
In the Solana ecosystem, most market activities are currently focused on the network’s memecoin projects. The top four memecoin projects by market value all achieved impressive gains in the last 24 hours. Dogwifhat went up by 28%, Bonk by 12%, and Myro and Popcat increased by 27% and 67%, respectively. Clay Robbins, Co-Founder of Colosseum, shared his thoughts on the matter:
“Memecoin projects are clearly having a moment on Solana because they’re fun and easily accessible.”
According to Tristan Frizza, CEO of Zeta Markets, Solana’s rise amidst a broader crypto pullback is not an anomaly but a sign of increasing interest in the space. Frizza mentioned in his statement that as he witnesses growing transaction volumes and the development of DeFi applications, the potential of the blockchain network is further strengthened:
“The rise of the blockchain network is not just speculative; it’s based on real user engagement.”
Solana and BNB Impress
According to The Block’s Data Dashboard, the seven-day moving average of daily active addresses on the Solana network has reached its highest level in recent years. As a sign of increasing network activity, the daily number of unique addresses signing transactions on Solana surged from approximately 660,000 to over a million within a 24-hour period between March 12 and 13 this week.
Another altcoin that continued its rally against a broader crypto pullback was BNB, which recorded a 1% increase in the last 24 hours. Analysts at QCP Capital highlighted the significant rises in SOL and BNB, observing a notable trend of capital rotation into large-cap altcoin projects from Bitcoin and Ethereum:
“An interesting observation was the overnight significant rise of SOL and BNB, indicating capital rotation into large-cap altcoin projects.”
Compared to the rise seen on the Solana front, Bitcoin’s price experienced a pullback after its rally at the start of the week. According to The Block’s Price Page data, the largest cryptocurrency by market value decreased by 4.57% in the last 24 hours and was trading at $69,837 at the time of writing.
