Solana On-track to Flip Dogecoin After a 140% Rise

Most assets on the cryptocurrency market have been rallying since the beginning of 2023. However, Solana’s uptick has been more rapid in comparison. The token was one of the most severely impacted by the FTX collapse. In November 2022, it was trading at around $39. However, by the end of 2022, it had dropped to a low of $8. Since then, it has been recovering at a swift pace. A recent report from CryptoCompare revealed,

“SOL was one of the best-performing assets in January, returning 140% as it closed the month at $23.9.”

Most asset prices consolidated in February. However, Solana continues to make bullish strides. Take the last few days, for example. Since Feb. 13, SOL has risen by 32%. Dogecoin, the cryptocurrency right next to it on the rankings chart, has risen by only 11% in the same timeframe.

SOL/USDT, DOGE/USDT by TradingView

Also Read: Beyond Dogecoin: Twitter ‘Killer’ to Soon Launch Bitcoin Tipping

Time for a Solana x Dogecoin flippening?

As a result, the market cap gap between the two has been declining. According to Satiment’s data, Solana’s market cap has surpassed $9.8 billion. Dogecoin’s net worth, on the other hand, currently stands at $11.68 billion.

As shown below, SOL has been able to add to its market cap at a much faster pace relative to its counterpart, Dogecoin. The steep inclination of its curve over the past few days justifies the same. Hence, if Solana continues to command and Dogecoin remains submissive, a flip may materialize going forward.

Source: Santiment

Also Read: Elon Musk Announces Dogecoin’s Shiba Inu Dog as the New CEO of Twitter

As far as the fundamentals are concerned, Solana seems to be in a comfortable position. According to CryptoCompare, the total value locked in the Solana ecosystem grew 48.9% in January to $560 million, making it “the fastest growth in TVL compared to most other major Layer-1 blockchains.” The report labeled the rally as a “welcomed move” for the Solana ecosystem.

From the technical perspective, there is also enough upside space for Solana to rally. As analyzed in an article yesterday, if the bullish momentum persists, a rise up to $37–$38 is possible. The same would translate to a 40%+ hike for the asset.

Also Read: ‘Fireworks’ Time: Solana Gearing for a 40% Rally

  • doge
  • Dogecoin
  • SOL
  • Solana

Comments

Post a Comment

Popular posts from this blog

Has a 1% tax on Bitcoin holders been proposed by a U.S. Senator?

In the morning of Monday, April 22, Dennis Porter, the CEO, and co-founder of the Satoshi Action Fund, caused a stir on X as he shared a supposed letter sent by Senator Elizabeth Warren to President Biden. The letter detailed a proposed piece of legislation titled the ‘ Cryptocurrency Reporting and Wealth Tax Act ’ and urged its implementation. In the document, Senator Warren highlighted that digital assets present both opportunities and challenges but focused on the problems of taxing digital assets and enforcing existent rules in the crypto market. Picks for you 3 must-buy cryptocurrencies under $1 for this week 46 mins ago Losing faith in fiat? Central banks' gold accumulation hits historic level 1 hour ago Cronos unveils its Spring Odyssey campaign powered by Galxe 3 hours ago Google Gemini predicts Gold price for the end of 2024 3 hours ago As a result, the proposed act would introduce requirements for any individual or entity holdin...
Read more

Ethereum’s Rocky Road To $4,000: Will SEC Hurdles Derail Its Bullish Journey?

Image
Ethereum (ETH) stands at a crucial juncture, with its eyes set on the $4,000 price mark. Amid this ambitious pursuit, the digital asset faces a significant challenge that could influence its trajectory: scrutiny from the US Securities and Exchange Commission (SEC). Despite this potential regulatory hurdle, some analysts remain optimistic about Ethereum’s prospects. A detailed Analysis by Captain Faibik, a market watcher, highlighted a bullish pattern in ETH’s four-hour candlestick chart, suggesting that the $4,000 threshold is within reach. Related Reading: Market Alert: Ethereum Faces Potential Downfall As Dencun Upgrade Looms – Here’s Why Ethereum Eyes $4,000 Milestone This optimism stems from a descending wedge pattern observed by Faibik, indicating an end to Ethereum’s consolidation phase and signaling a possible price breakout. The technical Analysis paints a promising picture for Ethereum, suggesting that the asset could reclaim its l...
Read more

Is It Too Late To Buy SC? Shark Cat Price Soars 12% As This New AI Meme Coin Presale Blasts Past $1.2 Million

Image
The Shark Cat price rose 12% in the last 24 hours to trade at $0.1914 as of 02:45 a.m. EST on trading volume that dropped 40% to $20 million. This comes as the token gears up for its listing on the MEXC centralized exchange (CEX) today with SC/USDT starting its trading at 14:00 UTC. .@SharkCatSolana, a memecoin about a cat with a shark hat, is coming to #MEXCKickstarter 🚀 🗳Vote with $MX to share massive airdrops 📈 $SHARKCAT/USDT Trading: 2024-05-07 14:00 (UTC) Details: https://t.co/Wt64QirMBz Note: Due to another project with the token name SC being… pic.twitter.com/IUuY0KGkOC — MEXC_EN 🌎 (@MEXC_EN) May 6, 2024 Shark Cat Price Set To Rally Over The Bullish Pennant SCUSD Chart Analysis Source: Dexscreener.com The Shark Cat price soared to an all-time high (ATH) of $0.39 after its launch. The bulls have not been able to reclaim this resistance, as the SC price retraced in April to the $0.04073 support zone. SC has been able to...
Read more