Solana’s Rally Cools Slightly as Bitcoin and Ethereum Witness Price Declines
SOL, BTC, and ETH Price Analysis
Solana crossed $100 over the weekend, and the bulls have managed to sustain the altcoin above that level as of this writing. SOL reached $124 at the start of the week but has now corrected to $112.54.
The rising interest in Solana has fueled trading activity, with the token recording $6.2 billion in trading volume over the past 24 hours, according to CoinGecko’s data. It is worth mentioning that SOL is now the fourth-biggest cryptocurrency by market capitalization after flipping BNB, the native token of crypto exchange Binance.
Meanwhile, two of the biggest crypto assets, Bitcoin and Ethereum, have each seen a 2% decline today to trade at $42.986 and $2,263, respectively. On Tuesday, Bitcoin crossed below $42,000 to find support at $41,821. Despite the latest price fall, the coin is up 16% this month. The surge is likely due to the anticipation of a possible approval of Bitcoin spot ETF by the United States Securities and Exchange Commission. The regulator is expected to announce its decision before January 10.
Solana’s 2023 Remarkable Performance
Solana’s performance this year has been exceptional, given that 13 months ago, it plunged below $10 due to its association with fallen crypto guru Sam Bankman-Fried, who was accused of fueling the downfall of crypto exchange FTX. SOL has made a massive recovery since January, rising by more than 850%, per data from CoinGecko.
The recovery has led to increased network activity on the Solana blockchain, with several Web3 developers building decentralized applications. Moreover, institutional interest in the Solana ecosystem has played a key role in pushing SOL to new levels. Recently, payment giant Visa announced that it will launch a stablecoin on Solana soon.
Meme Coins on Solana Rally Massively
SOL is not the only token within the Solana ecosystem rallying. BONK, a dog-themed meme coin, recently peaked at $0.000034 after growing by 335%. The highly volatile token, however, has dropped 15% in the last 24 hours to $0.00016 as of this writing.
Besides BONK, Dogwifhat is another meme coin on Solana that has performed tremendously this month. It touched $0.33 over the weekend after surging 3,300% from December 13. However, Dogwifhat trades at $0.18, down 35% in the past day.
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