SOL Overtakes ETH During Meme Crypto Mania

Solana’s share price could soon reach a new all-time high. Furthermore, Solana’s dominance is also growing. For example, SOL recently had a larger trading volume than the largest altcoin, Ethereum.

Despite the negative rumors, SOL’s share price is rallying. This now makes Solana the fourth largest cryptocurrency by market capitalization.

Solana vs Ethereum: What makes Solana rise?

How much can Solana be worth? To know this, we must first look at the reasons why Solana has performed so well in recent weeks. Lookonchain, a renowned blockchain analysis platform, offers valuable insights in this regard.

The company cited Total Value Locked (TVL) in Decentralized Finance (DeFi) as one of the reasons. This indicator has risen by 80% in just one month to its highest level in two years. This is a sign of confidence in Solana’s DeFi projects as more money flows into them.

As the price of $SOL rises, whales begin to sell $SOL to make profits.

Whale”BU6N2Z” deposited 200K $SOL($39.85M) into #Binance in the past 2 days.

He still holds 1.62M $SOL($323M), of which 387K $SOL($77M) in wallet and 1.23M $SOL($246M) is staked.https://t.co/BUEnAJEElb pic.twitter.com/W2Et6Kviaz

— Lookonchain (@lookonchain) March 18, 2024

This increase in DeFi TVL is largely driven by various meme coins and tokens on the Solana blockchain. A good example is the rapid rise of Book of Meme (BOME), a new meme coin that has reached a market capitalization of $1.45 billion within a week.

The viral potential of these meme coins is underlined by these kinds of increases during the meme crypto mania. As a result, it occasionally happens that Solana’s trading volume overtakes that of Ethereum.

This is partly due to the rising interest in Solana crypto coins, along with the network’s ability to process many transactions quickly and cheaply.

Solana price forecast: How much can Solana be worth?

Amid the meme crypto mania, Solana has a price of $207.17. This represents an increase of 9.01% in the past 24 hours. Furthermore, the price has risen by 38.57% in a week and by 86.07% in a month.

With its current market capitalization of $91.9 billion, it is the fourth largest cryptocurrency. Interest in Solana is high thanks to the various meme coins that have performed extremely well over the past 30 days.

This interest is reflected by the 24-hour trading volume of $10.6 billion, which places Solana in #6 by volume.

If we look at the technical indicators, we see a slightly bullish picture. The Relative Strength Indicator (RSI) currently has a value above 70, indicating that Solana is currently experiencing extreme buying pressure. As a result, a small sell-off can be expected in the short term.

The Moving Average Convergence Divergence (MACD), on the other hand, gives a bullish picture. Its current positive value indicates continued bullish momentum.

On the other hand, the crypto whales, or large investors, are currently selling large amounts of SOL. For example, the whale “BU6N2Z” deposited 200,000 SOL ($39.85 million) on Binance, while still staking a large amount.

Promising Solana alternatives

Despite the current bullish momentum, the Solana price can be significantly influenced by the actions of crypto whales. Since one whale has already started selling, this could be a sign that more whales will follow.

Smart investors will want to diversify their portfolio to be less dependent on these Solana whales. The alternatives below offer an excellent opportunity to invest in a promising project with enough upside potential.

Dogecoin20 – Profit from meme crypto mania

Dogecoin20 ($DOGE20) offers an excellent opportunity to profit from the current meme crypto mania. It is a brand new ERC-20 token that promises to overcome the limitations of Dogecoin.

For example, the cryptocurrency contains a staking mechanism. Users can stake their tokens to earn annual returns of up to 388%, depending on the total number of tokens staked. Furthermore, the total token supply is fixed, so there is no inflation. Inflation is a problem that the original $DOGE faces.

The presale of Dogecoin20 has recently been launched. Users can purchase tokens for as little as $0.000164 each. Buy tokens now and start staking immediately to get the most out of your investment.

Green Bitcoin – Predict the Bitcoin price for rewards

Green Bitcoin ($GBTC) is a crypto project that has developed a new way of investing. Predict what the price of Bitcoin will do and earn big prizes. The project calls this mechanism ‘Gamified Green Staking’.

During the presale, investors can immediately start staking. Start earning 95% tokens per year by purchasing tokens directly at the presale. The project has already raised $5.9 million, making it very popular.

This presale has recently started. Investors can purchase $GBTC tokens for just $1.0682 each. Of the 21,000,000 tokens, 6 million have already been staked. Therefore, act quickly and start predicting the Bitcoin price to win big rewards.

Disclaimer: This article contains insights from independent authors and is not part of BitcoinMagazine.nl’s editorial content. This is not investment advice, please do your own research.