The crypto market has recently suffered a decline due to excessive greed, and this has especially affected major cryptocurrencies. The price of Bitcoin dropped to $66,000, causing serious declines in the values of other digital assets. However, despite this general downward trend, solana Some cryptocurrencies such as have started to attract the attention of investors by exhibiting positive momentum.
What developments are taking place regarding this upward trend of Solana? Why are certain assets like SOL increasing in value when the market is undergoing a correction?
When we look at Solana’s price analysis, we see that it has increased by 3% in the last 24 hours to $ 190.98. However, it has yet to perform at its best as it fell to a one-week low of $177.75, after peaking at $203.65 in early April.
Solana’s market cap continues to perform strongly, reaching a level of $84,952,022,592 following a 3% increase. On the other hand, transaction volume increased by 19% to a value of $4,700,226,340.
With continued price gains, Solana remains just 28% off its all-time high target of $260.06, which could be achieved this month if the bull market continues. Although SOL has long been a popular asset in the market, its price fluctuations create a complex picture for investors. As SOL exceeded the $200 mark, whale investors began to enter the market with larger amounts.
A series of events occurred on Monday, starting with the whales making four large SOL transactions. According to media reports, the first transaction of SOL 999,453 ($189.55 million) took place, followed by another transaction of SOL 1,895,729 ($361.7 million). Later, two more whale transactions were carried out, carrying 1,096,940 ($209.29 million) and 1 million SOL ($190 million) tokens.
As Koinfinans.com reported, these transactions were directed from an unknown whale wallet to another unknown wallet. Then, after a while, another transaction worth 149,999 Sol ($27.79 million) was made on the Binance exchange. Finally, 146,121 SOLs, worth approximately $26.83 million, were withdrawn from the Kraken exchange and transferred once again to an unknown wallet.
These transactions occurred in short bursts and formed key points for Solana’s price increase.
Demand on the Solana network has increased significantly over the last few weeks. According to DefiLlama’s March data, the monthly transaction volume of decentralized exchanges in the Solana network exceeded 60 billion dollars, an increase of 172% compared to the previous period. This shows that Solana is experiencing strong growth, with increasing interest and usage.
Meme coins such as dogwifhat and Book of Meme play an important role behind this increase. dogwifhat increased by over 179% in March, while BOME recorded an increase of 1873%.
As a result, transaction fees collected on the Solana network in March reached approximately $69 million, an increase of 431% from the previous figure of $13 million. This shows that alongside the impressive rise of meme coins in the Solana ecosystem, the transactions and activities taking place on the network have also increased significantly.
