Altcoins plunge as bitcoin's $85,000 test triggers $550 million in liquidations

Solana has established itself as a significant player in the blockchain space, transcending its technical capabilities to become a foundational layer for economic infrastructure, facilitating a wide range of decentralized applications and real-time on-chain activities. This shift positions Solana as a fully functioning economy, as highlighted by crypto analyst Vibhu.

Solana's SOL token has been underperforming compared to other altcoins, with a notable decline in on-chain activity, fees, and decentralized application (DApp) revenues. This downturn raises questions about the sustainability of Solana's market position and whether its peak performance has passed.

Dogecoin (DOGE) is nearing a critical price zone as investor interest wanes, ETF inflows stagnate, and selling pressure increases. The cryptocurrency is trading close to levels where many holders acquired their tokens, raising concerns about potential downside risks if market confidence continues to decline.

A crypto analyst has warned the Solana community that the price of SOL could potentially crash below $5, citing extensive reviews of US federal court documents that highlight ongoing legal challenges and possible flaws in the Solana blockchain.

Visa has expanded its payment settlement options by integrating the USDC stablecoin on the Solana blockchain, moving beyond its previous Ethereum-based initiatives. This shift signifies a growing trend towards the adoption of stablecoins in mainstream finance, with Visa already handling approximately $3.5 billion in annual stablecoin settlements.

Cardano (ADA) is currently trading at $0.3720, marking its lowest price in over a year. Despite this downturn, technical indicators and improved fundamentals suggest a potential rebound in the near term, as the market anticipates the upcoming Midnight launch.

NEAR has officially launched on the Solana blockchain, enabling users to perform instant cross-chain swaps through NEAR Intents, which allows for deposits and withdrawals without gas fees or wallet setup. This development marks a significant step in enhancing interoperability within the cryptocurrency ecosystem.

CME Group has expanded its cryptocurrency derivatives offerings by introducing new spot-quoted futures for XRP and Solana, designed to trade in smaller sizes and closely track real-time prices. This move marks a significant enhancement in the trading options available for these cryptocurrencies, reflecting the growing interest in crypto derivatives.