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according to data from DeFiLlama, Solana has solidified its position as the 4th largest blockchain in terms of Total Value Locked (TVL). The network's remarkable 21.01% growth in the last seven days has captured the attention of investors and crypto enthusiast. This growth surpasses that of more established blockchains like Ethereum, which experienced a decrease of 9.87% during the same period.
Meme coins such as Myro (MYRO), Bonk Inu (BONK), and Dogwifhat (WIF) have emerged on the Solana blockchain, influencing trading activity on DEX Screener and drawing attention to the Solana ecosystem. This increased market focus has likely encouraged greater participation from traders and investors, affecting Solana's price trends.
A significant increase in meme coin activity has propelled decentralized exchange (DEX) volume on Solana (SOL) to all-time highs. Data from CoinGecko shows that the Solana-based decentralized exchange aggregator, Jupiter (JUP). has recorded higher volume than Ethereum's (ETH) Uniswap (UNI) V3 (18/03).
Bitcoin price on Monday (12/03) was able to break through the resistance level at $68,300 and closed at $72,078. Experiencing a 4.5% increase in a day, a new all-time high.
A few days later, BTC price continued to rise, reaching a new all-time high on Thursday (14/03), closing at $73,000. However, the increase of BTC was not able to sustain itself the next day. The price of BTC failed to hold and corrected on Friday (15/03), closing at $71,388. Bitcoin continued to decline until Saturday (16/03), with the biggest drop occurring on Saturday, correcting by as much as 6% for the day.
After the price of Ethereum (ETH) successfully broke through the resistance level at $3,500, closing the candle that day at $3,627, experiencing a 4% increase. ETH continued to rise until it peaked on Monday (11/3), closing at $4,064.
However, one day later, Ethereum failed to continue its rise to the target of $4,500 and corrected, closing at $3,979. It gradually declined over several days from Tuesday to Saturday, heading towards the support level of $3,500. However, as of the time of this report, the price of ETH has managed to stay above the $3,500 level. As long as the price of Ethereum remains above the $3,500 level, the upward trend in the price of Ethereum may continue. However, if it fails to hold, there is a chance of correction towards $3,300.
After successfully bouncing back from level $105-$106, the price of Solana experienced a significant increase, breaking through its resistance level in the range of $130-$133. Solana managed to stay above the $130-$133 level and continued its incredible rise towards the next resistance target at $200 on Sunday (17/03). This significant increase of Solana is supported by the increasing volume of DEX in the Solana ecosystem, leading to growing interest from traders and investors in meme coin projects on the Solana chain.
This material is for general information and is not investment advice, a recommendation, or solicitation to buy and sell any cryptocurrencies, digital assets, securities or derivative instruments, or to make any investments. Mobee is under no obligation to update this report based on information and events that occurred after this report was created and published. Any suggestions or recommendations in this report may not be appropriate for certain users.
