Solana (SOL) Reclaims $142 Mark, Mirroring Broader Cryptocurrency Market Rally
Solana's native token, SOL SOLUSD, gained 8.5% on March 24, reclaiming the $142 mark for the first time in two weeks.
Solana's native token, SOLSOLUSD, rose 8.5% on March 24, reclaiming the $142 mark for the first time in two weeks. The rally followed gains seen across the broader cryptocurrency market as traders began to factor in reduced risks of an economic downturn.
The growing risk appetite can also be seen among memecoins, several of which rallied by 12% or more since March 23.
Outside of the broad market rally, SOL has its own merits, including a rise in network activity and the direct involvement of US President Donald Trump with the memecoin market. Additionally, growing interest from top traders on exchanges and the increasing likelihood of a spot Solana exchange-traded fund (ETF) approval suggest further potential for SOL's price growth.
However, despite the recent rally, SOL has underperformed the broader crypto market by 23.7% over the past two months. This weakness is linked to a 93% decline in Solana network fees during that period. The decline likely began with traders' disappointment in the memecoin sector but gradually affected the entire decentralized application (DApps) market.
SOL still trades 52% below its all-time high
Traders now question whether the selling was an overreaction, as SOL is currently trading 52% below its all-time high of $295. This comes despite Solana remaining the second-largest blockchain in terms of total value locked (TVL) and ranking third in onchain volumes. For comparison, BNB is trading 20% below its all-time high, and XRP is 28% below its peak.
While Tron and BNB Chain provide competition in terms of onchain volumes, deposits in Solana network's smart contracts are valued at $6.8 billion. In third place, BNB Chain holds 21% less TVL, with $5.4 billion. Key highlights on Solana include the Jito liquid staking solution, Kamino lending and liquidity platform, and the Jupiter decentralized exchange.
The fees on the Solana network are now higher than those on the Ethereum base layer, surpassing $1 million per day. More importantly, Solana's revenue has recently reached its highest levels in two weeks. While still far from the levels seen two months ago, the increase in Solana network activity suggests that the bottom may have been reached as the numbers continue to improve steadily.
As a comparison, Ethereum accrued less than $350,000 in fees on March 23, leading to an increase in ETH supply as the built-in burn mechanism failed to offset weak blockchain activity. Solana, on the other hand, offers a 7.7% native staking reward rate, outperforming the equivalent 5.1% inflation rate, according to StakingRewards data.
Solana ETF decision nears while Trump tweet boosts memecoin momentum
Despite SOL's price weakness, top traders on Binance have increased their leveraged long (bull) positions on SOL, according to CoinGlass data.
The long-to-short ratio among top traders on Binance surged to 2.40 on March 23, its highest level in over two months. Part of the excitement can be attributed to the anticipation of the spot Solana exchange-traded fund (ETF) approval in the US.
The US Securities and Exchange Commission is expected to issue its final verdict before the end of the year, according to Matthew Sigel, VanEck's head of digital asset research. Although success is not guaranteed, the eventual spot Solana ETF approval would set SOL apart from its competitors, adding legitimacy to the asset, especially among institutional investors.
Another source of momentum came from a weekend social post by President Trump, which explicitly mentioned the TRUMP memecoin and helped to create a buzz in the sector. In the Solana ecosystem, Fartcoin gained 15% on March 24, Dogwifhat (WIF) rallied 12%, and Pudgy Penguins (PENGU) traded up by 12%.
Ultimately, SOL has significant potential for higher gains, given the network's TVL and fees, especially in comparison to competitors, along with bullish positioning from whales using leverage.
The above is the detailed content of Solana (SOL) Reclaims $142 Mark, Mirroring Broader Cryptocurrency Market Rally. For more information, please follow other related articles on the PHP Chinese website!

Neither Huoxin nor OKX Pay directly supports fiat currency payment. Huoxin is mainly used for digital asset management and transactions, and users need to exchange fiat currency through the Huobi Exchange; OKX Pay focuses on digital asset payment and transfer, and users need to exchange fiat currency through the OKX platform.

The core steps of asset monetization include: 1. Select a compliant trading platform, such as Binance and OKX, to ensure that the platform has a fiat currency withdrawal channel; 2. Sell cryptocurrency and trade through spot or OTC; 3. Bind the collection account, which must be consistent with WeChat's real-name information; 4. To initiate withdrawal to WeChat, pay attention to the amount of cash withdrawal and handling fees.

In the currency circle, the so-called Big Three usually refers to the three most influential and widely used cryptocurrencies. These cryptocurrencies have a significant role in the market and have performed well in terms of transaction volume and market capitalization. At the same time, the mainstream virtual currency exchange APP is also an important tool for investors and traders to conduct cryptocurrency trading. This article will introduce in detail the three giants in the currency circle and the top ten mainstream virtual currency exchange APPs recommended.

View your own NFTs on OpenSea, just log in to your account, go to your profile page, and click on the “Created Projects” tab to browse and manage all NFTs.

Bitcoin shorting is a short trading that expects to buy back profitable after the price falls. It needs to be conducted on platforms that support this operation, such as Binance.

SunSwap, founded in April 2021, is a new option in the DeFi field, offering low-cost transactions and unique incentives to attract a large number of users and liquidity providers.

Bitcoin liquidation refers to the phenomenon of forced liquidation due to insufficient margin due to market fluctuations. It is common for investors who use leverage trading. Reasonable use of leverage and setting stop loss can reduce risks.

The initial issue price of BNB was $0.11, and was issued through an ICO in July 2017. 1 ETH can be exchanged for 2,700 BNB, and ETH was about $300 at that time.

Hot AI Tools

Undresser.AI Undress
AI-powered app for creating realistic nude photos

AI Clothes Remover
Online AI tool for removing clothes from photos.

Undress AI Tool
Undress images for free

Clothoff.io
AI clothes remover

Video Face Swap
Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Article

Hot Tools

Dreamweaver CS6
Visual web development tools

EditPlus Chinese cracked version
Small size, syntax highlighting, does not support code prompt function

SAP NetWeaver Server Adapter for Eclipse
Integrate Eclipse with SAP NetWeaver application server.

ZendStudio 13.5.1 Mac
Powerful PHP integrated development environment

Zend Studio 13.0.1
Powerful PHP integrated development environment
