Solana Rises Amid Crypto Market Plunge: What’s Driving the Surge?

Solana stands out with a 6.8% gain amidst widespread losses in the cryptocurrency market, reaching $177.31 in price.
Significant movements of funds to Binance contribute to market volatility.
More than $661 million worth of cryptocurrencies, particularly long positions, have been liquidated in the last 24 hours.

Solana (SOL) shines amidst the gloom engulfing the cryptocurrency market, standing tall as the sole major digital asset to flaunt gains within the top 10 by market capitalization. SOL has surged by 6.8% in 24 ours, attaining a commendable price of $177.31.

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While the broader digital currency realm grapples with substantial losses, exemplified by the downturn of flagship coins like Bitcoin (BTC) and Ethereum (ETH), Solana’s resilience begs a closer examination. Bitcoin has witnessed a notable 7% dip in its valuation over the same period. Ethereum and XRP have mirrored this trend with similar declines of approximately 7%, while Dogecoin languishes as the poorest performer among the top 10, enduring a staggering 9.5% loss.

The prevailing market turmoil finds its roots in significant capital movements towards Binance, a juggernaut among cryptocurrency exchanges. Notable transactions, such as the recent transfer of 4,637 BTC (equivalent to around $329 million) to a Binance hot wallet, paint a vivid picture of the market’s underlying volatility. Echoing a similar pattern observed during Bitcoin’s price downturn on March 5, these movements amplify the ongoing instability within the crypto sphere.

The repercussions of this volatility reverberate through the market, triggering substantial liquidations. A staggering $661 million worth of cryptocurrencies have been liquidated in the past 24 hours alone. Notably, a disproportionate share of these liquidations pertains to long positions, tallying up to $525.86 million.

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Bhea Lacsamana

Bhea is a fintech journalist specializing in crypto, with a unique blend of roles as a content creator, anthropologist, and qualitative researcher. Her articles dive into both financial technology and cultural traditions, reflecting her diverse interests. Catch her immersed in a book where her love for learning thrives.