- Solana’s SOL hits a new yearly high, spurred by Dogwifhat (WIF) memecoin frenzy.
- CryptosRUs Analysis tweets confirm SOL’s bullish breakout, predicting further gains.
Solana’s SOL token has surged to new yearly highs, riding the wave of a broader crypto rally that has seen several altcoins and major cryptocurrencies reach unprecedented levels in 2024. The surge in SOL’s price is particularly noteworthy, given the excitement surrounding the Dogwifhat (WIF) memecoin, which has become a sensation within the Solana ecosystem.
As previously reported by ETHNews, WIF is one of the popular memecoins on the Solana network, attracting an outpouring of interest from investors following in Bonk’s footsteps.
Dogwifhat (WIF) Craze Fuels Solana’s Surge
Over the past 24 hours, SOL has seen an impressive 13.3% increase in its value, rocketing from $108 to a new yearly peak of $124.17, according to the latest data from CoinGecko. This rally not only signifies a robust recovery for the token but also marks a significant milestone in Solana’s journey within the crypto space.
The frenzy around Solana’s recent success can be traced back to the overwhelming interest in the Dogwifhat (WIF) memecoin. This Solana-based memecoin, featuring the image of a developer’s dog donning a knitted hat, has witnessed a staggering 55% rise in its price—from $0.52 on February 27 to $0.82 at the time of writing.
Since its launch on December 14, 2023, WIF has astonishingly gained more than 50,000%, capturing the imagination of the crypto community and contributing to the buzz around Solana.
Despite this impressive rally, SOL is still trailing its all-time high of $259.62, reached back on November 6, 2021, by 52%. However, the current momentum suggests a strong recovery and a potentially bullish future for the token. To explore more about this positive development of Solana, you can watch the YouTube video below.
Institutional Inflows: A Tide Lifting Bitcoin and Altcoins
The excitement isn’t confined to Solana alone. Other large-cap cryptocurrencies, including Binance’s BNB and Dogecoin, have also notched new highs for 2024, indicating a widespread bullish sentiment across the market. Bitcoin has been leading the charge, with institutional inflows into newly approved spot Bitcoin exchange-traded funds (ETFs) bolstering confidence and liquidity in the market since their approval on January 11.
Notably, these Bitcoin ETFs have generated a record-breaking $7.7 billion volume on February 28 alone, with BlackRock’s iShares Bitcoin ETF witnessing the largest single-day inflow of any ETF to date, amounting to more than $612 million.
Breakout is Confirmed
Amidst this market euphoria, a recent tweet from renowned crypto analyst CryptosRUs Analysis highlighted a critical development for Solana. According to the analyst, Solana’s SOL has confirmed a bullish breakout with a weekly candle closing at or above the $112.85 level.
#Solana #SOL breakout is CONFIRMED with a weekly candle close at or above the current price 🚀 pic.twitter.com/bIVnsMX8DM
— CryptosRUs Analysis (@CRUAnalysis) February 28, 2024
This development is seen as a strong bullish foundation, potentially propelling the cryptocurrency to even greater heights in the near future.
At the time of writing, the price of SOL has risen 18.91% in the last 24 hours, reaching a price of $130,56. This represents an increase of 23.86% over the past 7 days.