Crypto market: Solana and Dogecoin a bit behind

In recent times, the crypto Solana and Dogecoin in the market seem to have fallen a bit behind.

To tell the truth, they are not the only ones, also and especially because the prices of only a few cryptos have actually pushed upwards, but in this article, we specifically analyze Solana and Dogecoin.

Taking as an example Bitcoin and Ethereum respectively at -3% from the all-time highs recorded in July and at -5% from the all-time highs of 2021, Solana turns out to be decidedly further behind (-32% compared to the all-time highs of January), and Dogecoin even worse (-66% from the all-time highs of 2021).

Note that among the main cryptos there is XRP which is at -14% from the 2018 highs, and BNB which is only at -1% from the all-time highs of July.

Among the top 10, only ADA of Cardano performs worse, with -72% compared to the all-time highs recorded in 2021.

Analysis of the crypto Solana (SOL) and Dogecoin (DOGE)

Regarding the trend of the price of SOL, the native cryptocurrency of Solana, it is actually worthwhile to extend the analysis to previous years to fully understand what is happening.

First of all, the all-time high recorded in 2021 was $260, but during the subsequent bear-market it plummeted even below $10, due to both the implosion of the crypto ecosystem Terra/Luna, and the closure of FTX.

The actual rebound began at the end of 2023, thanks in particular to memecoin.

The key to Solana’s success in recent years is precisely the memecoin market, because it has become much more convenient to launch and trade them on Solana, rather than on Ethereum.

At the end of 2023, the price of SOL had already risen above $100, and during the first months of 2024, it managed to climb back above the $200 mark. It is advisable to take this as a reference point.

In mid-2024 there was a correction, which, however, brought the price below $150 but always remaining above $100.

With the Trump-trade at the end of the year, not only did the price rise above $200, but in a few weeks it recorded a new all-time high well above $260, and then in January of this year recorded a new all-time high, still valid at almost $300.

It should be remembered that that peak in January 2025 was due to the launch on Solana of the official memecoin of Donald Trump.

The problem is that in the following months, the memecoin market deflated significantly, thus also causing the price of SOL to drop.

Even in April, after the announcement of Trump’s so-called “reciprocal” tariffs, it plummeted below $100, which is lower than the mid-2024 minimum, making it evident how a speculative bubble had inflated at the end of the year.

Having said that, the price trend of SOL from May onwards turns out to be much less chaotic, because it is much less tied to the memecoin market.

The current level of about $200 is perfectly in line with that of early 2024, almost as if everything that happened afterward, and in particular the mini-bubble of the Trump-trade, had now completely exhausted its role.

In light of this, it is not surprising that it has neither recovered the $200, nor that it has been moving around that figure for more than a month now, albeit with some volatility. Much more will be needed to bring it back to the bull level of 2021.

The trend of Dogecoin (DOGE)

DOGE, or the native cryptocurrency of Dogecoin, is indeed the first and most important memecoin, but in reality, it follows a market trend somewhat different from that of other memecoins.

Obviously, comparing the current situation with that of 2021 seems to make little sense, given that there was a huge advertising campaign by Elon Musk that inflated the price.

That bubble has now burst, and for now, it doesn’t seem to be able to form since Musk has stopped promoting Dogecoin.

Putting aside the great speculative bubble of 2021 on the price of Dogecoin, it must be said that before that bubble it had never reached above $0.1, so the current $0.24 is still a decidedly promising level.

Furthermore, even at the end of 2023, its price was still around $0.1, therefore that can truly be taken as a reference figure.

Already in the early months of 2024, the price of DOGE had risen above $0.2, but in the following months, it then plummeted again just below $0.1. Therefore, until the Trump-trade, it was as if it had moved sideways for three and a half years, with the only major exception being the great bull of 2021.

The Trump-trade at the end of 2024 seems to have changed things, and since Musk had no role in the recent price increases, these can be taken into serious consideration.

The peak at the end of 2024 still remained below $0.5, compared to a historical maximum of over $0.7.

In the early months of 2025, it then erased almost all the gains of the Trump-trade, but without falling further to $0.10. Even though the correction extended to about $0.14, it is still a figure 40% higher than the $0.10 of previous years.

At this point, it is not surprising that starting from March, it tried again to rise above $0.2, with three attempts, the first two of which failed, and the third still ongoing.

The most surprising thing, however, is that the price volatility of Dogecoin lately is lower than that of other more important altcoins, such as Solana or Ethereum itself.