{"id":13821,"date":"2024-02-29T17:15:57","date_gmt":"2024-02-29T17:15:57","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=13821"},"modified":"2024-02-29T16:36:24","modified_gmt":"2024-02-29T16:36:24","slug":"can-solana-reach-its-old-peak-again","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/can-solana-reach-its-old-peak-again\/","title":{"rendered":"Can Solana (SOL) Reach its Old Peak Again?"},"content":{"rendered":"

Solana started the new year quite fast. It continues to break the record of the new year every passing day. It started the day with a 13% increase. It is thought that the reason for this is the WIF Memecoin frenzy. Investors are actively following and changing their SOL assets to the Solana-based Memecoin Dogwifhat.<\/p>\n

With this Memecoin exchange race increasing the activity on the blockchain, it’s impossible not to wonder about the endpoint for Solana (SOL) in the midst of a larger crypto rally. According to data from CoinGecko, in the last 24 hours, SOL has rapidly risen from $108 with a 13.3% increase, reaching $124.17, the highest level of the year.<\/p>\n

\"
Source: CoinGecko <\/a><\/figcaption><\/figure>\n

Before the Solana rally, the price of Dogwifhat (WIF), a Solana-based memecoin, rose to $0.82, a 55% increase from $0.52 on 27 February, the date it was released. WIF, launched on December 14, 2023, stands out as a Memecoin featuring a picture of a dog wearing a beanie by the Solana developer.<\/p>\n

\n

If you want to buy WIF via Jupiter Exchange, you can click here<\/strong><\/em><\/a> and connect your Solana wallet.<\/p>\n

\n

WIF has seen more than a %50.000 gain since its inception. However, SOL is still 52% below its all-time high of $259.62, reached on November 6, 2021. Both Binance’s BNB and Solana were not the only major cryptocurrencies to hit new peaks in 2024. They reached their highest levels of $427 and $0.12 respectively about two hours before Solana.<\/p>\n

Bitcoin continues to strengthen with institutional entries into recently approved spot Bitcoin exchange-traded funds (ETFs). 10 ETFs achieved a record-breaking volume of $7.7 billion on February 28. The same day, BlackRock\u2019s iShares Bitcoin ETF recorded over $612 million in entries, the largest single-day entry among all ETFs to date. Bitcoin is currently trading at $62,413 with a 21% increase over last week and a 44% increase over last month. Ethereum also announced its highest price of 2024, reaching a local high of $3,492 on February 28.<\/p>\n

Many market experts are suggesting the upcoming spot Ethereum ETF<\/a> as a catalyst for growth in the coming months. Many believe that ETH’s price movement could chart a course similar to Bitcoin before the approval of spot ETF products.<\/p>\n

\n

You can freely share your thoughts and comments about the topic in the comment section. Additionally, please don\u2019t forget to follow us on our\u00a0Telegram<\/strong>\u00a0 ,<\/a>YouTube<\/strong><\/a>\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news and updates instantly.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Solana started the new year quite fast. It continues to break the record of the new year every passing day. It started the day with a 13% increase. It is thought that the reason for this is the WIF Memecoin frenzy. Investors are actively following and changing their SOL assets to the Solana-based Memecoin Dogwifhat.<\/p>\n","protected":false},"author":1,"featured_media":13820,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[22,40,4254,1000,1527,319],"class_list":["post-13821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-binance","tag-bnb","tag-dogwifhat","tag-ethereum-etf","tag-sol","tag-solana"],"yoast_head":"\nCan Solana (SOL) Reach its Old Peak Again? - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Solana started the new year quite fast. 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