Solana managed to continue its rise in the last 24 hours despite the decline in the general cryptocurrency market.
The success of memecoins on the SOL network is particularly noteworthy. The network's memecoin heavyweights WIF and BONK continue their rise.
“Memecoins are clearly booming on Solana because they are fun and easily accessible,” said Colosseum co-founder Clay Robbins.
According to Zeta Markets CEO Tristan Frizza, Solana's rise amid an overall crypto price decline is not an anomaly but a sign of its growing interest in the space. “The rise of the SOL blockchain is not just speculative, but based on real user participation. With the development of transaction volumes and DeFi applications, its potential has become even stronger,” Frizza said.
Meanwhile, Binance's exchange altcoin BNB has also shown resilience against the general crypto pullback.
Analysts from QCP Capital observed a notable trend of capital returns from Bitcoin and Ethereum to large-cap altcoins, highlighting significant increases in SOL and BNB:
“An interesting observation is the return of capital to large-cap altcoins, with SOL and BNB rising significantly overnight. “BNB in particular has managed to create a self-reinforcing virtuous cycle through launchpool, with BNB stakers selling their large airdrops and purchasing even more BNB to increase returns for the next launchpool event.”
*This is not investment advice.
