Solana Price Surges by 3% as Bitcoin ETF Bullishness Boosts Market
Solana (SOL) has experienced a 3% increase in the past 24 hours, with its price rallying to $134. This surge can be attributed to the ongoing bullishness surrounding Bitcoin ETFs, which is pushing the entire market higher.
Over the course of a week, SOL has gained 32%, and in the last 30 days, it has seen a 35% increase. Furthermore, since this time last year, the altcoin has appreciated by an impressive 530%.
In addition to market-wide bullishness, Solana has also benefited from a surge of interest in meme coins that run on its platform. This increased demand for SOL is likely to continue driving gains in the coming weeks and months, potentially threatening its all-time high.
SOLโs Chart Shows Continued Momentum
SOLโs chart displays significant momentum that is expected to continue in the near term. The relative strength index (RSI) surpassed the 70 level earlier this month and continues to rise without entering an excessively overbought position.
Additionally, SOLโs 30-day average is rising steeply, creating a wider gap between itself and the 200-day average. This indicates that Solana remains in an expansionary phase.
Although SOLโs 24-hour trading volume is not as high as it was at the end of last week, it remains healthy at around $3.5 billion.
Despite some whales taking profits during the current rally, SOL and the wider market remain strong. The altcoin can withstand a considerable amount of selling without experiencing significant negative effects. Its support level has consistently risen over the past few months, suggesting that any dips in the near term are likely to be minor.
Increased Activity on Solanaโs Blockchain
SOLโs strength can be attributed to a substantial spike in activity on its blockchain. This increase in activity is a result of growing demand for Solana-based meme tokens.
As the market enters alt season following surging demand for BTC, the current interest in meme coins is expected to intensify in the next few weeks. Consequently, the Solana price is likely to continue rising and could potentially reach $150 by spring.
Promising SOL-Based Meme Tokens
While SOL may be approaching overbought territory, there are still promising new tokens on the market that have the potential for significant rallies. Many of these tokens are based on Solanaโs platform.
One such token is Smog (SMOG), which was listed last month on the Jupiter and Birdeye DEX aggregators. Since its listing, Smog has seen a nearly 5,000% increase in price, making it one of the best-performing new coins of its period.
This impressive performance can be attributed to Smogโs exciting airdrop system, which has generated significant market interest. The token will hold airdrops at regular intervals over the next few months, with greater rewards offered to investors with larger holdings. This incentivizes long-term holding and supports the tokenโs price over time.
Smog has a total max supply of 1.4 billion SMOG, with 35% of this quantity allocated to airdrops. Additionally, holders can stake the token, earning yields of 42% APY.
The token has also motivated greater participation through quests that encourage holders to complete tasks and help grow the Smog community. With its bullish tokenomics and ongoing quests, Smog is expected to experience consistent gains throughout the year.
Investors can purchase Smog on Jupiter or Birdeye, or by visiting the official Smog website. The token is also set to list on various exchanges in the coming weeks, potentially driving its price even higher.
Hot Take: Solanaโs Continued Rise and Promising Meme Tokens
Solana (SOL) has experienced a 3% increase in the past 24 hours, reaching $134 as Bitcoin ETF-related bullishness drives the market higher. SOL has seen significant gains over the past week and month, and its blockchainโs increased activity due to demand for Solana-based meme tokens further supports its rise.
While SOLโs chart indicates continued momentum and its support level remains strong, investors should be cautious of potential dips in the near term. However, with Solanaโs all-time high potentially under threat, it is likely that SOL will continue to rise.
In addition to SOLโs performance, there are promising SOL-based meme tokens such as Smog (SMOG), which has seen remarkable growth since its listing. With an exciting airdrop system and ongoing quests, Smog is expected to deliver consistent gains throughout the year.
Overall, Solanaโs price prediction remains positive, and investors should keep an eye on the altcoinโs performance as well as the potential of SOL-based meme tokens.
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