On March 14, the cryptocurrency market witnessed a significant price surge in Solana (SOL), marking its highest point since January 2022.
The currency experienced an increase of approximately 6.70%, reaching $174, outperforming the overall cryptocurrency market, which saw a slight decline of 0.25%.
This rally was primarily fueled by heightened activity on the Solana network, largely due to the enthusiasm surrounding the memecoin project Dogewhatif (WIF).
The project gained traction when its supporters gathered $700,000, vastly exceeding their initial $50,000 goal, to display the token’s logo on the Las Vegas sphere.
This event propelled WIF’s price by 25%, pushing its market cap to $3 billion.
The price of SOL began to climb after the Dogwifhat campaign was announced on March 10, resulting in a more than 24% increase.
This rally gained momentum particularly after the successful WIF crowdfunding.
The involvement of memecoin projects on Solana’s blockchain has been a bullish signal for the network, with research indicating significant activity during these periods.
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Solana’s network has also shown signs of increased activity, with the total-value-locked (TVL) reaching its highest since December 2022, at 23.07 million SOL.
This surge is reflective of the platform’s growing utility for decentralized applications (DApps) and transactions, potentially leading to greater SOL demand.
Additionally, Solana’s recent performance against Bitcoin has been notable.
The SOL/BTC pair saw a substantial rise of 32.45% after a dip earlier in the month, with a 6.60% increase on March 14 alone.
This suggests a shift in investor preference from Bitcoin, which has shown signs of being overbought, to altcoins like Solana and XRP, which present a more balanced sentiment.
Technical analysis also supports Solana’s bullish trend, with predictions targeting the $195-200 range by the end of March.
However, the recent rally has pushed Solana’s RSI into the overbought territory, hinting at a possible correction.
If a downturn occurs, SOL could face a drop towards its 0.5 Fibonacci retracement level at $135, a 20% decline from its current price.
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