While bitcoin and other major cryptocurrencies showed minimal movement, Solana's SOL token surged by 5% to $173, leading the market gains with a 14% increase over the week.
The Solana network experienced increased activity with AI-themed memecoins driving trading narratives, leading to record-high token issuances and revenue through platforms like Pump.showing mixed price action. The broad-based CoinDesk 20 , a liquid index tracking the largest tokens by market capitalization, rose 0.43%., a widely tracked bitcoin dominance indicator reached over 57% on CoinMarketCap, to its highest level since April 2021.
Conversely, a decrease in bitcoin's dominance might suggest that investors are moving their capital into altcoins, potentially signaling the start of an “altcoin season.” “The price is now close to a local support level at $66.8K. A break of this support will open the way for a deeper correction to $65.5K, near the 61.8% retracement level from the last rally and the late September top,” Kuptsikevich warned.SOL jumped 5% to $173 in the past 24 hours, extending weekly gains to 14% as it reached price levels last seen in early August.