Silver lining for Solana? Token flips Dogecoin amidst market downturn

• SOL suffered much less decline in worth in comparison with DOGE on a each day timeframe.
• Solana’s market cap hit $9 billion, with DOGE remaining under the brink.

On 17 August, a Messari report highlighted a big shift out there capitalization rankings of Solana and Dogecoin. Reportedly, Solana [SOL] had overtaken Dogecoin [DOGE] in market cap, with Solana standing at roughly $9.4 billion in comparison with Dogecoin’s $9.2 billion on the time of the report.

BREAKING: $SOL flippens $DOGE in market cap pic.twitter.com/2xfQHRqqUn

— Messari (@MessariCrypto) August 17, 2023

How a lot are 1,10,100 DOGEs value at the moment?

However regardless of these figures, CoinMarketCap’s knowledge indicated a lower in these market caps, though the relative positions remained unchanged. 

As of this writing, Solana continued to carry the eighth place with a market cap exceeding $9 billion, whereas Dogecoin occupied the ninth spot with roughly $8.7 billion.

The market was experiencing a downtrend at press time, and the lower in each SOL and DOGE costs was the first issue influencing their respective market capitalizations.

Solana and Dogecoin face main downtrend

Analyzing the each day worth pattern of Solana on a chart revealed that it hadn’t escaped the broader decline within the cryptocurrency market. The chart displayed a greater than 14% lower in worth between 15 and 17 August.

As of this writing, a minor uptick was evident, with SOL buying and selling at roughly $22 and registering a modest acquire of over 1%. 

Additionally, it had initially maintained a constructive trajectory above the impartial line on its Relative Energy Index (RSI), however the subsequent collection of declines pushed it under this threshold.

At press time, the prevailing pattern was bearish, albeit the slight uptick had nudged it barely above the 40 RSI stage.

Supply: TradingView

In distinction, Dogecoin’s decline had a extra prolonged length when examined on a each day timeframe. The chart indicated an almost seven-day decline, leading to a worth discount of over 20%. This in depth decline brought about it to dip into the oversold zone on its RSI.

Nonetheless, the momentum noticed a modest restoration, with DOGE buying and selling round $0.06 and exhibiting a marginal acquire of over 1% at press time.

Supply: TradingView

Moreover, SOL was trending above its lengthy Transferring Common, with the brief Transferring Common serving because the resistance stage. Conversely, DOGE was trending under its brief and lengthy Transferring Averages.

Analyzing Solana’s TVL and stablecoin market cap

Amidst the general decline in costs, Solana has managed to retain a stronger constructive momentum. This favorable pattern was mirrored in its worth motion and the Whole Worth Locked (TVL). Additionally, the stablecoin market cap has not too long ago displayed a constructive trajectory.

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A DefiLlama chart confirmed that Solana’s TVL had skilled outstanding progress over the previous few months, sitting at $306.4 million on the time of publication. Nevertheless, the current worth downturn appeared to have quickly halted this progress, leading to a minor decline.

Supply: DefiLlama

Alternatively, the stablecoin market cap exhibited a pointy and notable improve. As of this writing, it had surged to round $1.6 billion.