Can Solana (SOL) Reach its Old Peak Again?

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.

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.

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.

If you want to buy WIF via Jupiter Exchange, you can click here and connect your Solana wallet.

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.

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’s 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.

Many market experts are suggesting the upcoming spot Ethereum ETF 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.

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