Solana just celebrated its fifth birthday, and a recent study shows highly exaggerated USDT volatility on the network’s transport layer. This suggests a high level of speculative interest in the platform, fueled by the meme coin craze and other factors.

Web3 payments solutions platform Mercuryo shared this insight exclusively with BeInCrypto.

Solana’s Extreme USDT Volatility

Solana, the second-largest blockchain in the industry, just celebrated its fifth birthday. Its genesis block was mined on March 16, 2020. In honor of this milestone, Web3 infrastructure firm Mercuryo conducted a study on it.

According to this study, USDT volatility on Solana’s transport layer is currently at an “extreme” level.

“Solana captivates the interest of crypto traders across the globe. As Solana celebrates its fifth birthday, our transaction data on Tether tokens on the Solana transport layer suggests an unparalleled level of trading activity amid an explosion of interest in trading opportunities on Solana that we’ve seen over the past 12 months,” claimed Greg Waisman, Co-founder and COO at Mercuryo.

Solana’s USDT volatility has already spiked five times in 2025 alone. The network’s daily USDT trade volumes fluctuated dramatically in the past two months.

This consisted of three spikes and two drops, both of which were significantly smaller than the spikes. Both drops were in the 60%- 70% range, while the increases ranged between 100% and a whopping 137%.

More specifically, Solana saw a 100% increase in USDT trading on January 13. A week later, this activity dropped by 63% and again surged by 129% on January 27. This level of unprecedented capital movements is often rare for any blockchain network.

Mercuryo claims that this volatility is caused by several factors, but the explosion of Solana meme coins is particularly important. Thanks to major meme coin launchpads like Pump.fun, Solana trade volumes have spiked in recent months, even surpassing Ethereum on a few occasions. This rising interest helps fuel intense activity and these wild swings.

Over the past five years, its network has processed more than 408 billion transactions and nearly $1 trillion worth of value on decentralized exchanges. While Solana has shown gradual growth since 2023, the volatility of capital inflow has been chaotic, to say the least.

Ultimately, this enhanced level of volatility shows that Solana has a lot of interest among crypto traders. The network has grown remarkably over the last five years, and it’s already poised to make major advancements in the near future.

BinaryX (BNX) has emerged as the market’s top gainer today, surging 41% in the past 24 hours. The altcoin currently trades at $1.75, noting a 412% uptick in daily trading volume during that period. 

The rally comes as traders position themselves ahead of the highly anticipated BNX-to-FORM token swap, scheduled for March 21.

BNX Gains Momentum as Traders Bet Big Ahead of Token Swap

BinaryX launched the Four.Meme platform on July 3, 2024, and later rebranded to Four for a more cohesive identity. However, due to the widespread use of FOUR in the meme coin community, the team opted to change to FORM, announcing a 1:1 token swap from BNX to FORM scheduled for March 21. 

As the market awaits this swap, traders have increased their accumulation of the BNX token. This is reflected by the altcoin’s open interest, which has climbed 33% in the past 24 hours and stands at $96 million at press time.

Open interest tracks the total number of outstanding derivative contracts, such as futures or options, that have not been settled. When it rises during a price rally like this, it indicates increasing market participation. It signals the bullish conviction among BNX holders as more traders open new positions to capitalize on the upward momentum.

Moreover, its funding rate is also positive, supporting this bullish outlook. This is currently at 0.339%. 

The funding rate is a periodic fee exchanged between long and short traders in perpetual futures contracts to keep prices aligned with the spot market. A positive funding rate such as this means long traders are paying short traders. It indicates strong buying pressure among BNX traders and confirms the bullish sentiment in the market.

BNX Trades Above Key EMA—Can Bulls Push It Past $1.85?

BNX trades above its 20-day exponential moving average (EMA) at its current price. This key moving average measures an asset’s price over the past 20 trading days, giving more weight to recent prices to help identify short-term trends.

When it sits below an asset’s price, it is a bullish signal suggesting that the market is in an uptrend and buyers are in control.

If BNX buyers strengthen their control and demand soars, they could drive the altcoin’s price past the resistance at $1.77 and toward $2.19.

However, if selloffs gain momentum, BNX could shed its recent gains and plunge to $1.77.

PancakeSwap (CAKE) has increased 40% in the last 24 hours, and its revenues have climbed to $19 million over the past seven days, behind only Tether, Circle, and Jupiter.

The recent price surge comes as bullish technical signals continue to build. CAKE’s RSI has reached its highest level since 2023, while Ichimoku Cloud and EMA indicators point to further upside potential. Here’s what’s behind CAKE’s rally and the key levels to watch next.

PancakeSwap RSI Has Surged To Its Highest Levels Since 2023

CAKE’s RSI is currently at 89.6, up sharply from 25.1 just one week ago, marking its highest level since November 2023.

This significant increase suggests strong recent buying pressure, pushing the momentum indicator into extreme territory.

The Relative Strength Index (RSI) is a widely used momentum oscillator that measures the speed and magnitude of recent price changes.

It ranges from 0 to 100, with readings above 70 generally considered overbought and readings below 30 seen as oversold.

CAKE’s RSI of 89.6 signals that the token is deep in overbought territory. This could suggest that the price is at risk of a short-term correction as traders might start locking in profits.

However, during strong bullish trends, assets can remain overbought for extended periods before reversing.

Ichimoku Cloud Shows A Strong Bullish Setup

CAKE has broken decisively above the Ichimoku Cloud on the chart, marking a strong shift to a bullish trend.

The Tenkan-sen (blue line) has crossed above the Kijun-sen (red line), a classic bullish signal, while the price remains well above both lines, confirming strong momentum.

The future cloud has turned green, indicating that bullish sentiment could extend in the coming sessions.

However, with the price now significantly distanced from the cloud and the support of the Tenkan-sen, a short-term correction or consolidation could occur before further upside.

CAKE Could Rise Above $3 Soon

CAKE’s EMA lines are showing signs that a golden cross could form soon, indicating a potential shift to a sustained bullish trend as the BNB ecosystem continues to attract attention.

If this crossover takes place, it could provide the momentum needed for CAKE to test the resistance at $2.65. A breakout above this level could open the door for further gains, with the next key targets at $2.95 and $3.41.

However, if the uptrend fails to hold and the momentum fades, despite PancakeSwap still being the most dominant DEX in the BNB chain, CAKE could retrace toward the support at $2.33.

A break below this level may accelerate the correction, with additional downside risk toward $1.85 and potentially $1.38.