Franklin

Solana

Bitcoin

Rekt

<p>In the tumultuous arena of the cryptosphere, volatility has struck again. Bitcoin drops to $67,759, Ether to $3,705 and BNB to $572. Despite these setbacks, these cryptocurrencies have recently sparkled. Among the highest-rated assets in the world, Solana seems surprisingly shielded from this sharp decline in prices. But what are the reasons for this sudden turmoil?</p>
<h2 id="h-in-the-throes-of-the-crypto-market-solana-shines-like-a-beacon">In the throes of the crypto market, Solana shines like a beacon</h2>
<p>While <strong>Bitcoin and Ethereum have been in the limelight</strong>, reaching impressive peaks of $73,000 and <a href="https://www.cointribune.com/en/ethereum-crosses-the-4000-threshold-crypto-analysis-of-march-13-2024/" target="_blank" rel="noopener noreferrer nofollow">$4,000</a> respectively, Solana is not far behind. <strong>SOL</strong>, ranked among the top five most highly valued assets in the world, has maintained its position, <strong>hovering around $140 on March 5th</strong>. Its meteoric rise does not seem to want to stop.</p>
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     <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a> <br><br>Solana has rallied +83% since the green area &amp; +29% since Ascending Triangle breakout<br><br>Breached $123 resistance as well (black)<br><br>Generally, this price action is now looking very similar to mid-2021<br><br>The ~$208 resistance may get revisited over time<a href="https://twitter.com/hashtag/SOL?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#SOL</a> <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Solana</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://t.co/TLmc87rY7q" rel="noopener noreferrer nofollow">https://t.co/TLmc87rY7q</a> <a href="https://t.co/QoWuZw0Vg2" rel="noopener noreferrer nofollow">pic.twitter.com/QoWuZw0Vg2</a></p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1766053336371909097?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 8, 2024</a>
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<p>While the cryptocurrency market buckles under the weight of losses, Solana (SOL) stands tall as a green beacon, registering <strong>a 6.8% increase</strong> in the last 24 hours.</p>
<p>Amidst the turmoil, Solana stands out as the only major cryptocurrency to show gains in the top 10 by market capitalization. In its breakthrough, the SOL crypto now reaches <strong>$170.57</strong>, according to data from CoinGecko.</p> 
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  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:SOLUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script>
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<h2 id="h-the-fever-of-memecoins-animates-the-solana-network">The fever of memecoins animates the Solana network</h2>
<p>But what explains this spectacular price surge of Solana today? The recent spike in Solana and its notable gains align with the <strong>hype surrounding the associated memecoin project, Dogewhatif (WIF),</strong> elaborates <a href="https://u.today/solana-sol-in-green-as-crypto-prices-collapse" target="_blank" rel="noopener noreferrer nofollow">Cointelegraph</a>.</p>
<p>Supporters of WIF have succeeded in raising $700,000, far exceeding their initial goal of $50,000. With the funds, they emblazoned the token’s logo on the Las Vegas scene. As a result: the price of Dogwifhat (WIF) surged 25%, reaching a <strong>historic high of over $3</strong> and a <strong>market capitalization of $3 billion</strong> following this campaign.</p>
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   Impact of the Dogwifhat campaign on the price of SOL crypto – Source: TradingView
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<p>It is noteworthy that Solana’s token price began to rebound shortly after the announcement of the Dogwifhat campaign on March 10th.</p>
<p>Solana bulls have reacted positively to <strong>memecoin project launches on its blockchain</strong>. A recent study by Franklin Templeton notes that the network has captured a significant portion of activity during the period when BONK, its native memecoin, experienced a price surge in Q4/2023.</p>
<h2 id="h-crypto-market-down-why-this-drop">Crypto market down: Why this drop?</h2>
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     <p lang="en" dir="ltr">Why is <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> down 6.6% today?<br><br>We noticed that a <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> deposit wallet moved 4,637 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>($329M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> hot wallet in the past 24 hours.<br><br>Coincidentally, the deposit wallet also moved 4,876 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>($319M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> hot wallet during the <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> drop on Mar 5. <a href="https://t.co/EHEzGwV1U9" rel="noopener noreferrer nofollow">pic.twitter.com/EHEzGwV1U9</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1768509208750965222?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 15, 2024</a>
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  Massive BTC transfers to Binance
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<p>According to <a href="https://u.today/solana-sol-in-green-as-crypto-prices-collapse" target="_blank" rel="noopener noreferrer nofollow">U°Today</a>, <strong>the cryptocurrency market is currently going through a period of turbulence</strong>, with all major digital currencies showing red. Bitcoin, the leader of this sphere, has fallen by 7% in the last 24 hours. Similarly, Ethereum and XRP have suffered declines of about 7%, while Dogecoin has been the least performing among the top 10 cryptos, losing 9.5% of its value.</p>
<p>This widespread decline can be attributed to <strong>significant fund flows to Binance</strong>, a crypto exchange <a href="https://www.cointribune.com/en/binance-in-turmoil-escalating-crisis-for-the-crypto-exchange-and-cz/" target="_blank" rel="noopener noreferrer nofollow">currently in turmoil</a>. A notable transaction involving the <strong>movement of 4,637 BTC (worth about $329 million)</strong> to a hot wallet of Binance was observed, reflecting a similar pattern during the fall of bitcoin on March 5th, thus contributing to the current market volatility.</p>
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<p>The recent downturn has led to <strong>significant liquidations in the market</strong>. In just the last 24 hours, <strong>more than $661 million</strong> worth of cryptocurrencies have been liquidated, according to CoinGlass. A large portion of these liquidations, amounting to $525.86 million, came from long positions, showing that many traders were betting on a price increase and have been caught off guard.</p>

Solana shines in the dark: light in the crypto downturn

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