Solana ( SOL ) has become the latest altcoin to mint new yearly highs amid a wider crypto rally, with activity on the blockchain spurred by a scramble to buy up the dogwifhat (WIF) memecoin.
In the last 24 hours, Solana has posted a 13.3% gain, rising rapidly from $108 to reach a new yearly high of $124.17 at the time of publication, per CoinGecko data .
Preceding the Solana rally was a frenzy of buying activity for the Solana-based memecoin dogwifhat (WIF), which has seen its price rise 55% from $0.52 on Feb. 27 to $0.82 at the time of publication.
Launched on Dec. 14 last year, WIF is a memecoin that features a picture of a Solana developer’s dog wearing a knitted hat. Since its inception, WIF has gained more than 50,000%.
Solana, however, still remains down 52% from its all-time high of $259.62, which it reached on Nov. 6 in 2021.
Solana wasn’t the only large-cap cryptocurrency to reach new highs for 2024, with both Binance’s BNB token ( BNB ) and Dogecoin ( DOGE ) token notching respective highs of $427 and $0.12 roughly 2 hours before Solana.
Bitcoin ( BTC ) has been leading the market’s gains as institutional inflows into the recently approved spot Bitcoin exchange-traded funds (ETFs) continue to strengthen following their approval on Jan. 11.
The ten ETFs generated a record-breaking $7.7 billion volume on Feb. 28.
On the same day, BlackRock’s iShares Bitcoin ETF attracted more than $612 million in inflows, the largest single-day inflow of any ETF to date.
Bitcoin is currently changing hands for $62,413, up 21% in the last week and 44% in the last month.
Ethereum has also posted its highest price of 2024, reaching a local high of $3,492 on Feb. 28.
Several market pundits are looking to the upcoming Ethereum spot ETF as a catalyst for its growth in the coming months, with many predicting that ETH’s price action could chart a similar path to Bitcoin in the lead-up to its spot ETF products being approved.
Perth Crypto City Guide: Wealthy, isolated, and incredible beaches
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
No wonder Buffett finally bet on Google
Google holds the entire chain in its own hands. It does not rely on Nvidia and possesses efficient, low-cost computational sovereignty.
HYPE Price Prediction December 2025: Can Hyperliquid Absorb Its Largest Supply Shock?
XRP Price Stuck Below Key Resistance, While Hidden Bullish Structure Hints at a Move To $3
Bitcoin Price Prediction: Recovery Targets $92K–$101K as Market Stabilizes
