Why Is the Price of Solana Cryptocurrency Rising?

On March 14th, the price of Solana (SOL) increased by 6.70% to $174, reaching its highest level since January 2022. SOL was trading at $166 at the time of writing and gained value contrary to the overall crypto market. Reasons for Solana’s Value Gain The process of SOL’s value gain is associated with the Dogewhatif (WIF) meme coin project. WIF supporters raised $50,000 out of their targeted $700,000 budget and promoted the token in Las Vegas. This funding helped WIF’s price increase by 25% to over $3 and the project’s value to reach $3 billion. Solana’s price began to rise after the announcement of the Dogwifhat campaign on March 10th, showing a gain of over 24%. Additionally, the Solana ecosystem is drawing attention with meme coin projects, and research by Franklin Templeton shows a significant increase in active addresses for popular meme coin projects like BONK. This activity within the […]

Why Is the Price of Solana Cryptocurrency Rising?

On March 14th, the price of Solana (SOL) increased by 6.70% to $174, reaching its highest level since January 2022. SOL was trading at $166 at the time of writing and gained value contrary to the overall crypto market.

Reasons for Solana’s Value Gain

The process of SOL’s value gain is associated with the Dogewhatif (WIF) meme coin project. WIF supporters raised $50,000 out of their targeted $700,000 budget and promoted the token in Las Vegas. This funding helped WIF’s price increase by 25% to over $3 and the project’s value to reach $3 billion. Solana’s price began to rise after the announcement of the Dogwifhat campaign on March 10th, showing a gain of over 24%.

Additionally, the Solana ecosystem is drawing attention with meme coin projects, and research by Franklin Templeton shows a significant increase in active addresses for popular meme coin projects like BONK.

This activity within the Solana ecosystem indicates a more active presence with decentralized applications (DApps) and transactions, signaling an increase in SOL demand. As of March 14th, Solana’s total locked value reached 23.07 million SOL, the highest level since December 2022.

Solana and Bitcoin Relationship

Solana’s recovery against Bitcoin is noticeable. The SOL/BTC pair showed an increase of 32.45% from its low point earlier this month, indicating a shift from the Bitcoin market to Solana by investors. Bitcoin, on the other hand, has gained 65% in value since the beginning of the year. However, some altcoins like Solana and XRP show lower RSI values compared to Bitcoin, indicating a more balanced sensitivity in the market.

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how to buy crypto?
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