Crypto Market Update: Why is SOL, BNB, DOGE Price Soaring High Today?

Investors turn to celebrate as the crypto market takes a bullish turn, thanks to favorable macro events this week. Although the major market is green, SOL and BNB tokens have again reached new price highs amid the strong bullish momentum. Additionally, the popular meme coin DOGE is also crossing the key resistance, regaining upward price momentum. Let’s discuss

Crypto Market Cap Soars as SOL, BNB, DOGE Price Rallies

With a nearly 2% increase in 24 hours and 6% over the week, the crypto market cap has finally surpassed the $4T mark. Notably, this milestone has been reached multiple times now, but the volatility before the U.S. CPI and PPI data release pulled it down.

Currently, it is at $4.03T, and the market’s RSI is at 60.32, an overbought condition suggesting supportive investor sentiment. The altcoin season index is at 66, and there’s significant buzz around it on social media, fueling SOL, BNB, and DOGE price rallies.

Notably, the broader cryptocurrency market is up today, including Bitcoin and altcoins. The major reason is the high odds of the interest rate cuts in the upcoming FOMC Meeting, but there’s more.

SOL Price Hits 7-Month High Today

Talking of the crypto market uptrend, Solana token (SOL) is in the spotlight, as it has hit a 7-month high today, currently trading at $238 after a nearly 7% surge. The SOL price chart showcases a continuous uptrend since the end of June with minor dips in between.

Notably, this milestone was made as the technical and institutional adoption, along with the Spot Solana ETF demand, fueled investors’ demand. Recently, SOL Strategies Inc. was listed on the Nasdaq, becoming the first Solana-focused firm to access the U.S. capital markets. As it’s boosting its visibility and liquidity, it’s bullish for the token.

Additionally, the hype for the potential spot Solana ETF is boosting the optimism, especially as SOL gains a DTCC listing, with XRP and HBAR.

BNB Price Hits New ATH at $909, Crypto Market Reacts

Binance Coin is making many milestones this year, including multiple peaks. Just today, it has created a new ATH of $909 as institutional adoption peaks. The Nasdaq-listed BNC plans for BNB treasury, plus there is a Franklin Templeton alliance and country expansion, fueling the uptrend.

Most importantly, being a native token of the top exchange gives it an additional boost at all times, making BNB the sixth biggest token in the crypto market. In this, the breakout from the key resistances of $870, $885, and $895 played a key role.

DOGE Price Skyrockets on ETF Hype

Dogecoin token (DOGE), currently trading at $0.2613 with $39.43B in market cap is highly in demand today, as its trading volume soared 25% to $4.02B. Notably, the surge is primarily due to Rex-Osprey’s DOGE ETF launch hype.

Although the ETF was supposed to be launched on September 11, it has now been delayed to Friday, September 12. Despite that, DOGE is up 5% today, fueling optimism.

An additional factor to consider is the technical breakout and whale accumulation. It includes one buying 1B plus DOGE token, worth $263M since the last three days.

Overall, the crypto market and the SOL, BNB, and DOGE price moved up on renewed investor interest ahead of the FOMC meeting and their ETF launch. As a result, whales are buying, and technical breakouts are further fueling the optimism.