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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/solanas-remarkable-price-jump-in-the-crypto-sphere">Solana’s Remarkable Price Jump in the Crypto Sphere</a><br></p>
<p style="text-align: justify"> The cryptocurrency <a href="https://en.bitcoinhaber.net/surge-in-solanas-market-performance-with-potential-for-further-gains">Solana</a> (SOL) has recently seen a significant price jump, reaching a peak of $174, marking its highest value since January 2022. This surge, which represents a 6.70% increase, outshone the crypto market’s general downtrend, which saw a 0.25% drop on the same day. At the time of the report, SOL has stabilized to $166. </p> 
<h2 id="contributing-factors-to-solana-s-success">Contributing Factors to Solana’s Success</h2> 
<p style="text-align: justify"> Solana’s upswing coincides with the buzz generated by the Dogewhatif (WIF) memecoin project. Enthusiasts of WIF managed to collect $50,000, part of a larger $700,000 fundraising target, and elevated the token’s visibility by showcasing its logo in Las Vegas. Subsequently, the WIF token soared by 25%, attaining a $3 billion market valuation. </p> 
<p style="text-align: justify"> Following the announcement of the Dogwifhat marketing push on March 10th, Solana saw a 24% increase in its price. This growth in value gained traction particularly after the WIF project’s successful capital raise. </p> 
<p style="text-align: justify"> Recent memecoin launches on the Solana blockchain have captured the interest of investors, further driving up SOL’s price. A Franklin Templeton study highlighted a spike in network activity, particularly during the successful run of another Solana-based memecoin, BONK, in the last quarter of 2023. </p> 
<p style="text-align: justify"> These initiatives suggest a potential demand surge for SOL, propelled by increased DApp usage and transaction volume on the Solana network. The total value locked in Solana has reached a new high since December 2022, with 23.07 million SOL reported on March 14th. </p> 
<h2 id="solana-versus-bitcoin-a-comparative-recovery">Solana Versus Bitcoin: A Comparative Recovery</h2> 
<p style="text-align: justify"> Solana’s impressive recovery is also evident when compared to <a href="https://en.bitcoinhaber.net/bitcoin-soars-toward-65000-as-market-buzz-grows">Bitcoin</a> (BTC). The SOL/BTC pair has soared by 32.45% after hitting a monthly low. On March 14th alone, SOL gained 6.60% against Bitcoin, implying a capital migration from Bitcoin to Solana. </p> 
<p style="text-align: justify"> With Bitcoin’s 65% increase this year and indicators pointing to overbought conditions, investors seem to be turning their attention to altcoins like Solana and <a href="https://en.bitcoinhaber.net/whale-movements-stir-xrp-markets">XRP</a>, which exhibit more balanced market sentiment, reflected in their lower Relative Strength Index (RSI) values.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/solanas-remarkable-price-jump-in-the-crypto-sphere">Solana’s Remarkable Price Jump in the Crypto Sphere</a></h5>

Solana’s Remarkable Price Jump in the Crypto Sphere

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