Cryptocurrency

Cardano

Solana

Memecoin

Solana (SOL) has recorded a bullish drive in recent months as the wider cryptocurrency market activity surged.&nbsp;
The community dubbed ETH killer soared following a memecoin frenzy, wider market gains, institutional inflows to investment products, and the wider market uptick. However, in the last 24 hours, Solana has plummeted 6.22% amid ongoing cryptocurrency liquidations.&nbsp;
<img decoding="async" class="aligncenter size-full wp-image-187083" src="https://coingape.com/wp-content/uploads/2024/03/SOL_1D_graph_coinmarketcap.jpeg" alt="" width="630" height="380" srcset="https://coingape.com/wp-content/uploads/2024/03/SOL_1D_graph_coinmarketcap.jpeg 630w, https://coingape.com/wp-content/uploads/2024/03/SOL_1D_graph_coinmarketcap-300x181.jpeg 300w, https://coingape.com/wp-content/uploads/2024/03/SOL_1D_graph_coinmarketcap-150x90.jpeg 150w" sizes="(max-width: 630px) 100vw, 630px">
Solana trades at $171.36 with bulls pushing toward $180 although the asset posted a declining trading volume in the last 24 hours. The altcoin trading volume stands at $8.1 billion, a 29% decline following the bearish outlook. Overall, Solana maintains its position as the 5th ranked coin by market capitalization ahead of Ripple (XRP).
<h2 id="strong-high-flying-solana-stunted-strong">High Flying Solana Stunted</h2>
Solana’s 68% monthly rise was clipped in the last four days as a result of certain factors like the fall of memecoins in the blockchain. Solana memecoin <a href="https://coingape.com/solana-meme-coin-party-ends-bome-price-collapses-50" target="_blank" rel="noopener noreferrer nofollow">BOME</a> which recorded a sharp rise has faced pullbacks with a 50% crash in prices.
<img decoding="async" class="aligncenter size-full wp-image-187084" src="https://coingape.com/wp-content/uploads/2024/03/SOL_1M_graph_coinmarketcap.jpeg" alt="" width="630" height="380" srcset="https://coingape.com/wp-content/uploads/2024/03/SOL_1M_graph_coinmarketcap.jpeg 630w, https://coingape.com/wp-content/uploads/2024/03/SOL_1M_graph_coinmarketcap-300x181.jpeg 300w, https://coingape.com/wp-content/uploads/2024/03/SOL_1M_graph_coinmarketcap-150x90.jpeg 150w" sizes="(max-width: 630px) 100vw, 630px">
Although the token plunged over 50%, it still records above $1,000 weekly gains from its previous uphill climb. A major narrative for the fall of BOME was the outflow from sundayfundday.sol as the address sold over 340 million BOME tokens.
According to reports, earnings on the transaction hit $3.62 million sparking a wider sale amid other Solana memecoin plunge. Last year, Solana soared over 900% positioning itself for a new all-time high after the 2022 bear market.&nbsp;
Cryptocurrency prices fell in 2022 after the collapse of Terra’s stablecoin and the subsequent implosion of <a href="https://coingape.com/ftx-bankruptcy-claims-drama-intensifies-bitcoin-crypto-prices-skyrocket" target="_blank" rel="noopener noreferrer nofollow">FTX</a>. As a result, many assets lost over 50% of their values and made a rebound in Q2 2023 with institutional inflow to the market on the back of spot Bitcoin (BTC) ETF projections.&nbsp;
<h2 id="strong-wider-market-tanks-strong-span-style-font-weight-400-span">Wider Market Tanks&nbsp;</h2>
The slip of SOL is not a lone case as top digital assets recorded sell-offs in the last seven days. Bitcoin posted an 11.56% loss last week while daily trading continues to go sideways.
Leading altcoin <a href="https://coingape.com/markets/bitcoin-ethereum-bleed-as-5-crypto-to-buy-standout-with-100x-potential" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> (ETH) on the other hand recorded much wider losses with its price slipping 16.15% in seven days. XRP and Cardano recorded 12.9% and 18.1% losses respectively in the same period. Overall the cryptocurrency market capitalization stands at $2.4 trillion with a declined trading volume of 13%.
Read Also:&nbsp;<a href="https://coingape.com/trending/top-3-solana-memecoin-with-100x-potential/" target="_blank" rel="noopener noreferrer nofollow">Top 3 Solana Memecoin With 100X Potential</a>
The post <a href="https://coingape.com/trending/solanas-68-monthly-gain-tests-correction-waters/" rel="noopener noreferrer nofollow">Solana’s 68% Monthly Gain Tests Correction Waters</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Solana’s 68% Monthly Gain Tests Correction Waters

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